Cashback home loan deals from $2,000 to $10,000 up for grabs this March

Three out of four big banks now predict that the cash rate will peak at 4.10% in May this year. So, if you’ve been thinking about refinancing to give yourself a rate cut, you may want to consider if a cashback home loan could offer you additional benefits. 

It’s a tough time to be a mortgage holder, with interest rates on home loans having skyrocketed in less than twelve months thanks to consecutive hikes to the Reserve Bank of Australia’s cash rate. One way that homeowners can find relief in their budget may be through refinancing, if they are eligible. However, the process of refinancing can be costly. 

This is where a cashback home loan may come in handy. A cashback offer from a new lender may help you save on the cost of switching lenders, all while giving yourself a lower interest rate. 

This month, there are 33 lenders offering cashback deals for both refinancers and new buyers. These deals range from $2,000 to $10,000, depending on the size of your home loan. 

But these aren’t the only kinds of benefits offered to new home loan customers. Waived Lenders Mortgage Insurance and Qantas frequent flyer points may be available to some eligible homeowners from popular Australian lenders. 

Let’s explore the cashback deals for home loans on offer in March 2023. 

The cashback home loan deals on offer in March

• Cashback deals

In March, there are 33 lenders offering cash back home loan deals ranging from $2,000 to $10,000, depending on your eligibility, your loan amount and your loan-to-value ratio (LVR).

Refinancing can cost homeowners a few hundred dollars or even thousands, depending on the fees charged by your old and new lender. Cashback deals are considered one strategy for refinancers to help cover the costs of switching. Additionally, you could splash your cashback offer on a new appliance or home upgrade, or use it to chip away at your loan principal.

• Reduced Lenders Mortgage Insurance

Refinancers are not the only homeowners that could benefit from a generous cashback offer. One such option that may benefit first home buyers is reduced Lender’s Mortgage Insurance (LMI). LMI can be one of the most expensive upfront home loan costs if you have not been able to save a deposit of 20% or more. 

This month, one Australian lender is offering waived LMI to eligible first home buyers. As LMI can climb into the tens of thousands of dollars range, this could make a significant difference for some eligible customers. 

In March, St. George is offering waived or reduced LMI to eligible first home buyers:

• For St. George customers, the offer of $1 LMI is available to eligible first home buyers with a 15% deposit, looking for an owner-occupier home loan under $850,000, and planning on making principal and interest repayments.

• Frequent Flyer Points

If you’re less focused on reduced LMI and more interested in a cheaper holiday, then it may be worth noting that one Australian lender is offering bulk Qantas frequent flyer points every year to eligible customers.

The Qantas Money Home Loan provides eligible home loan customers (must be a Qantas Frequent Flyer Member) with 100,000 Qantas frequent flyer points every year into your account. This could be enough points to take you across the globe, or take the family around Australia.

This offer is available for first time buyers and refinancers with established properties (no off-the-plan homes or construction loans). The loan is also available to self-employed homeowners (eligibility criteria applies).  

Variable Home Loan (Principal and Interest)

• Owner Occupied
• Variable
• 10% min deposit

Rewards

100k Qantas Frequent Flyer Points per year for the life of your loan

Interest rate p.a.

6.08%

Comparison rate* p.a.

6.14%

More details

FeaturedAustralian Credit Licence: 230686 Qantas Money terms and conditions

Keep in mind that there is more to a home loan than a deal being offered to you, and it’s always important to compare the interest rates, fees, and features of a loan before applying. 

For more information on whether one of the above loans may suit your finances, consider using our Home Loan Calculator to see how potential repayments could fit in your budget.

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