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Cashback home loan deals in July 2024

Mark Bristow avatar
Mark Bristow
- 4 min read
Cashback home loan deals in July 2024

Australians looking for a cashback deal may be running out of options, with the number of lenders offering these deals dropping to single digits. But comparing the available options is still important in order to select a mortgage offer that best suits your personal situation and financial needs. 

With far fewer cashback deals available for consideration, borrowers could also consider comparing some alternative special home loan offers, such as deals with discounted interest rates, waived annual fees, or waived LMI. These offers could help some borrowers to minimise some of their costs and better manage their household budgets. Of course, these loans may also have specific eligibility criteria and may not be suitable for every borrower.    

There are currently just 7 lenders offering cashback deals in July; significantly fewer than the peak of 35 cashback deals in March 2023. Under the right circumstances, you may be able to receive cashback  from $2,000 up to $4000. Keep in mind that the cashback you're eligible to receive will depend on key factors like your eligibility, the total loan amount, and your loan-to-value ratio (LVR).

Cashback deals for July 2024




New loans






$250K+ loan amount and upto 80% LVR, Cashback of $3K for first home buyers only.

Bank of China




$400K+ loan amount and upto 80% LVR, $3,288 for Refinance & $2K for New loans

Bank of Queensland




$250K+ loan amount and upto 80% LVR

ME Bank




$700K+ loan amount and upto 80% LVR

Credit Union SA




$300K+ loan amount and upto 80% LVR - Exclusive to education community Members and family members.

Greater Bank




$2K for $250k to $500K HL, $2.5K for $500K and upto 80% LVR


$2,000 -$4,000



$500K+ loan amount and up to 80% LVR, $2K for $350K to $700K HL, $3K for $700K to $1M HL, $4K for $1M HL & above

Source: RateCity.com.au. Data accurate as of 02/07/2024. Value of the cashback you may be offered will vary depending on the lender's eligibility criteria and your specific financial situation. To view more cashback offers, please visit our cashback comparison page.

Frequent Flyer Points

Homeowners who are also travel lovers may appreciate a mortgage that helps them to build up frequent flyer points every year.

The Qantas Money Home Loan offers customers 100,000 Qantas frequent flyer points every year into your account (you must be a Qantas Frequent Flyer Member). This could be enough points for one return economy ticket from Sydney to Los Angeles, 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).

Reduced Lenders Mortgage Insurance (LMI)

Most cashback offers are just for refinancers, but an alternative option sometimes offered to first home buyers is reduced or waived Lenders Mortgage Insurance (LMI).

If your home deposit is less than 20%, LMI can be one of the biggest costs associated with a mortgage, alongside a deposit and stamp duty. Saving a 20% deposit can be extremely difficult, especially if you’re buying in Australia’s capital cities.

While not available from all lenders, a select few may offer to waive or discount the LMI you’re charged. You may still need to pay a minimum deposit (e.g.15%) to benefit from an offer like this. LMI waivers are more likely to be offered to borrowers working in specialist professional fields, such as medicine, law, accounting or engineering.

If no banks are offering waived or discounted LMI, some alternative options to consider include looking into government support from the First Home Owners Grant and/or First Home Guarantee, or looking into getting help from a Guarantor.


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.

Compare home loans in Australia

Product database updated 17 Jul, 2024