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Home loan cashback deals for December 2020

Home loan cashback deals for December 2020

The current low interest rate environment has made nabbing a home loan deal easier than ever before. But there’s more to a good home loan deal than a low interest rate, and a generous signup offer, such as cashback or credit card points, are worth exploring too.

What deals are on offer this month? 

  • Cashback deals

A cashback deal on a home loan is a way that lenders can entice new customers on to their books. These deals can range from $1,000 - $4,000 and more, depending on your loan size.

The cashback may be provided in the form of actual cash or taken out of the upfront fees charged on loan approval. Some lenders may also provide cashback in the form of gift cards, so it’s best to check with the lender before applying.

This month, there are 24 lenders offering home loan cashback deals. The majority of offers are for existing homeowners looking to refinance to a new lender. 

This is not surprising, as the current low-rate environment has made refinancing more popular with Aussie borrowers. And with recent ACCC recommendations trying to make switching a home loan easier for borrowers, the number of refinancers may continue to rise through 2021.

But there are a few first home buyer cashback mortgage deals available from:

  • Heritage Bank
  • 86,400
  • Reduce Home Loans
  • Police Bank
  • BankVic
  • Credit Union SA

Cashback deals for December 2020

Company
Product

Fixed Rate Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.07

% p.a

Fixed - 2 years

Comparison Rate*

2.65

% p.a

Repayment

$1,282

monthly

Go to site
Company
Product

Standard Variable Loan

Real Time Rating™

0.00

/ 5
Interest Rate

3.74

% p.a

Variable

Comparison Rate*

3.78

% p.a

Repayment

$935

monthly

Go to site
Company
Product

Choice Package

Real Time Rating™

0.00

/ 5
Interest Rate

4.24

% p.a

Variable

Comparison Rate*

4.26

% p.a

Repayment

$1,060

monthly

Go to site

Cashback

$2,000 cashback when you refinance a loan of $250,000 or more
Company
Product

Base Variable Rate Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.99

% p.a

Variable

Comparison Rate*

3.03

% p.a

Repayment

$1,421

monthly

Go to site

Cashback

$2,000 cashback when you refinance a loan of $250,000 or more
Company
Product

Simplicity Plus Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.98

% p.a

Variable

Comparison Rate*

3.02

% p.a

Repayment

$1,420

monthly

Go to site
Company
Product

Green Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.08

% p.a

Variable

Comparison Rate*

2.36

% p.a

Repayment

$1,283

monthly

Go to site
Company
Product

Basic Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

3.09

% p.a

Fixed - 3 years

Comparison Rate*

2.41

% p.a

Repayment

$1,437

monthly

Go to site
Company
Product
Interest Rate

1.85

% p.a

Intro 24 months

Comparison Rate*

2.21

% p.a

Repayment

$1,308

monthly

Go to site
Company
Interest Rate

2.09

% p.a

Fixed - 1 year

Comparison Rate*

2.09

% p.a

Repayment

$1,285

monthly

Go to site
Company
Product
Interest Rate

1.99

% p.a

Variable

Comparison Rate*

2.05

% p.a

Repayment

$1,270

monthly

Go to site
Company
Interest Rate

2.09

% p.a

Variable

Comparison Rate*

2.09

% p.a

Repayment

$1,285

monthly

Go to site
Company
Product

Yard Home Loan (Special)

Real Time Rating™

0.00

/ 5
Interest Rate

1.99

% p.a

Variable

Comparison Rate*

2.02

% p.a

Repayment

$1,270

monthly

Go to site

special

Yard’s low-rate variable special home loan ~ Ends in 12 days
Company
Interest Rate

1.99

% p.a

Intro 12 months

Comparison Rate*

2.71

% p.a

Repayment

$1,382

monthly

Go to site
Company
Product

Yard Investor Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.19

% p.a

Variable

Comparison Rate*

2.22

% p.a

Repayment

$1,299

monthly

Go to site
Company
Interest Rate

1.89

% p.a

Variable

Comparison Rate*

1.89

% p.a

Repayment

$1,256

monthly

Go to site
Company
Product

Green Construction Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.08

% p.a

Variable

Comparison Rate*

2.39

% p.a

Repayment

$520

monthly

Go to site
Company
Interest Rate

1.99

% p.a

Variable

Comparison Rate*

1.93

% p.a

Repayment

$1,270

monthly

Go to site
Company
Interest Rate

2.19

% p.a

Variable

Comparison Rate*

2.19

% p.a

Repayment

$548

monthly

Go to site
Company
Interest Rate

1.89

% p.a

Variable

Comparison Rate*

1.89

% p.a

Repayment

$1,256

monthly

Go to site
Company
Interest Rate

2.19

% p.a

Variable

Comparison Rate*

2.19

% p.a

Repayment

$1,299

monthly

Go to site
Company
Interest Rate

2.29

% p.a

Variable

Comparison Rate*

2.29

% p.a

Repayment

$573

monthly

Go to site
Company
Interest Rate

1.99

% p.a

Variable

Comparison Rate*

1.99

% p.a

Repayment

$1,270

monthly

Go to site
Company
Product

Prime Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.23

% p.a

Variable

Comparison Rate*

2.25

% p.a

Repayment

$1,305

monthly

Go to site
Company
Product

SMSF 80

Real Time Rating™

0.00

/ 5
Interest Rate

3.69

% p.a

Variable

Comparison Rate*

3.70

% p.a

Repayment

$1,533

monthly

Go to site
Company
Interest Rate

2.34

% p.a

Variable

Comparison Rate*

2.34

% p.a

Repayment

$585

monthly

Go to site
Company
Product

Real Deal Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.22

% p.a

Variable

Comparison Rate*

2.26

% p.a

Repayment

$1,304

monthly

Go to site

Cashback

Refinance and get $2,000 cashback for home loans over $250k with LVR ≤80%. Limited time offer extended, T&Cs apply. ~ Ends in 2 months
Company
Interest Rate

2.04

% p.a

Variable

Comparison Rate*

2.04

% p.a

Repayment

$1,277

monthly

Go to site
Company
Interest Rate

2.44

% p.a

Variable

Comparison Rate*

2.44

% p.a

Repayment

$610

monthly

Go to site
Company
Product

Premium Plus Package Variable Rate

Real Time Rating™

0.00

/ 5
Interest Rate

2.69

% p.a

Variable

Comparison Rate*

3.10

% p.a

Repayment

$1,375

monthly

Go to site

Cashback

Refinance and get $2,000 cashback for home loans over $250k with LVR ≤80%. Limited time offer extended, T&Cs apply. ~ Ends in 2 months
Company
Product

Home Advantage Package

Real Time Rating™

0.00

/ 5
Interest Rate

2.49

% p.a

Variable

Comparison Rate*

2.90

% p.a

Repayment

$1,344

monthly

Go to site

  • Waived LMI

It’s not just cash that home loan lenders are offering home buyers in an effort to attract them on to their books. There are other handy perks you may be able to nab outside of the standard waived upfront fees or reduced interest rates.

Lenders mortgage insurance (LMI) is one of the biggest costs attached to your home loan. If your home deposit or the equity in your home is less than 20 per cent of the loan value, then you will have to pay LMI, whether you’re a first-time borrower or a refinancer.

However, Virgin Money is currently offering waived LMI for some eligible, new owner-occupiers.

Home loanOfferInterest rateComparison rateConditions
Reward Me Home Loan Fixed ($300k+) (Principal and Interest) 1 Year

$0 Lenders Mortgage Insurance (LMI) offer.2.49%2.89%Available on eligible new Owner-Occupied Principal and Interest purchase only applications approved by 22 January 2021 and settle before 30 May 2021. You will need to contribute a minimum deposit between 15% and 20% of the property’s valuation.
Reward Me Home Loan 1 Year Fixed ($300k+) (Principal and Interest) (LVR 90%-95%)$0 Lenders Mortgage Insurance (LMI) offer.2.99%4.62%Available on eligible new Owner-Occupied Principal and Interest purchase only applications approved by 22 January 2021 and settle before 30 May 2021. You will need to contribute a minimum deposit between 15% and 20% of the property’s valuation.

Source: RateCity.com.au. Data accurate as of 09/12/2020.

  • Qantas frequent flyer points

Home loan deals aren’t just reserved for the mortgage itself. Some mortgage lenders offer Qantas frequent flyer points as sign-up bonus to new customers. This is separate to Qantas frequent flyer credit cards, as the points do not require spending on eligible purchases to claim the sign up bonus.

This month, two home loan lenders are offering bonus Qantas frequent flyer points to borrowers on application approval, and over the course of their loan term.

LenderQantas Frequent flyer (QFF) points bonusInterest rateComparison rateOffer
Macquarie Bank Basic Flyer Home LoanUp to 170,000 QFF points when you borrow $600k2.54%2.54%10k QFF points for every $100k loan drawn, 1000 QFF points per month for the life of the loan, 25,000 QFF points on the third and fifth anniversary of your loan.
Qudos Bank Qantas Points Home Loan150 QFF for every $1000 of loan balance2.84%2.84%Earn 150 Qantas Points for every $1,000 on your loan balance p.a.

Source: RateCity.com.au. Data accurate as of 09/12/2020.

  • 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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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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