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Cashback home loan deals in June 2024

Mark Bristow avatar
Mark Bristow
- 5 min read
Cashback home loan deals in June 2024

Key highlights

  • Compare cashback home loan deals before some expire at the end of June, as options are limited.
  • Consider the value of the cashback, interest rates, and fees to determine the best choice for your financial situation.
  • Some lenders also offer frequent flyer points or reduced Lenders Mortgage Insurance for first home buyers.
  • Australians are running out of time to apply for some cashback deals, with Westpac’s subsidiaries withdrawing their cashback offers from the market as of the end of the month. There are still a limited number of cashback home loan deals available for refinancers and owner occupiers, making it important to compare options before deciding. 

    Cashback home loans can be valuable under the right circumstances, as the extra cash can help to cover refinancing costs, moving expenses, small renovations, or even making a head start on mortgage repayments. However, these home loans may charge higher interest rates and/or fees than more basic “no-frills” home loans. This means that depending on your financial situation, sometimes a cashback deal may not be the best choice for you. Consider contacting a mortgage broker or financial adviser to get a better idea of what may best suit your needs.

    There are currently 13 lenders offering cashback deals in June, but with a range of these set to expire before the end of the month, there could be just six deals available moving forward. This is significantly fewer options 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 $10,000

    Cashback deals for June 2024

    Lender

    Cashback

    Refinancers

    New loans

    Notes

    ANZ*

    $2,000 

    Yes

    Yes

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

    Bank of China

    $3,288-$2,000

    Yes

    Yes 

    $400K+ loan amount and up to 80% LVR, $3,288 for Refinance & $2K for New loans. Expires 30 June.

    Bank of Queensland

    $2,000 

    Yes

    No

    $250K+ loan amount and up to 80% LVR

    BankSA

    $2,000 

    Yes

    No

    $200k+ loan amount and up to 80% LVR. Expires 30 June.

    ME Bank

    $2,000-$3,000

    Yes

    No

    $400K+ loan amount and up to 80% LVR, $2K for $400k to $700K HL, $3K for $700K & above. Expires 14 June.

    RAMS

    $3,000 -$1,000

    Yes

    Yes

    $250K+ loan amount, $3K for Refinance & $1K for New loans. Expires 30 June.

    Reduce Home Loans

    $2,000-$10,000

    Yes

    Yes

    $250K+ loan amount, $2K for $250K to $500K HL, $3K for $500K to $750K HL, $5K for $750K to $2M HL, $10K for $2M HL & above 

    St. George Bank

    $2,000 

    Yes

    No

    $250K+ loan amount and up to 80% LVR. Expires 30 June.

    Credit Union SA

    $2,000 

    Yes

    No

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

    Greater Bank

    $2,000-$2,500

    Yes

    Yes

    $2K for $250k to $500K HL, $2.5K for $500K and above- 20% deposit.

    IMB

    $2,000 -$4,000

    Yes

    No

    $500K+ loan amount and up to 80% LVR, $2K for $500K to $750K HL, $3K for $750K to $1M HL, $4K for $1M HL & above.

    Police Bank

    $2,000 

    Yes

    No

    Refinance $300K+ Owner Occupied loan to 2 or 3 yrs Fixed Rate Home Loan. Expires 30 June.

    Border Bank

    $2,000 

    Yes

    No

    Refinance $300K+ Owner Occupied loan to 2 or 3 yrs Fixed Rate Home Loan. Expires 30 June.

    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).

    Source: RateCity.com.au. Data accurate as of 07/06/2024. 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

    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.

    alert-tip
    Tip

    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 22 Jun, 2024

    This article was reviewed by External Comms Lead Eden Radford before it was published as part of RateCity's Fact Check process.