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- ANZ halves the sweetener in the bank’s first step out of the cashback game
ANZ halves the sweetener in the bank’s first step out of the cashback game
ANZ, the only big four bank still offering a cashback deal to refinancers, has announced it will be halving its offer from 26 August 2023.
The offer will reduce from $4,000 to $2,000 on eligible loans over $250,000 with a deposit of 20 per cent or more. Loans with less than a 20 per cent deposit will no longer be eligible for cashback.
The highest cashback offer available for refinancing stays unchanged from Reduce Home Loans at $10,000, however, this amount is only for loans of over $2 million and not available on the lender’s lowest rate.
List of lenders still offering home loan cashback deals at March 1 2023 vs today
| Max cashback | ||
| Lender | 1-Mar-23 | Today |
| AMP | $4,000 | GONE |
| ANZ | $4,000 | $2,000 |
| Bank of China | $3,000 | $4,288 |
| Bank of Melbourne | $4,000 | $2,000 |
| Bank of Queensland | $3,000 | $3,000 |
| BankSA | $4,000 | $2,000 |
| BankVic | $4,000 | GONE |
| Bankwest | $3,000 | GONE |
| bcu | $4,000 | GONE |
| CBA | $2,000 | GONE |
| Credit Union SA | $2,500 | GONE |
| Defence Bank | $4,000 | GONE |
| Geelong Bank | $2,000 | GONE |
| Great Southern Bank | $3,000 | GONE |
| Greater Bank | $4,000 | GONE |
| Heritage Bank | $4,000 | GONE |
| HSBC | $3,288 | $3,288 |
| imb bank | $3,000 | $3,000 |
| ING | $3,000 | GONE |
| LCU | $1,500 | GONE |
| Loans.com.au* | N/A | $4,000 |
| ME Bank | $4,000 | $4,000 |
| MyState Bank | $3,000 | GONE |
| NAB | $2,000 | GONE |
| Newcastle Permanent | $3,000 | GONE |
| People's Choice | $4,000 | GONE |
| RAMS | $4,000 | $4,000 |
| Reduce Home Loans | $10,000 | $10,000 |
| Regional Australia Bank | $2,000 | GONE |
| St. George Bank | $4,000 | $2,000 |
| Summerland Credit Union | $3,000 | GONE |
| Suncorp Bank | $4,000 | GONE |
| ubank | $5,000 | GONE |
| Westpac | $3,500 | GONE |
| P&N Bank | $2,000 | GONE |
Source: RateCity.com.au. *Note: loans.com.au cashback offer only available through comparison websites.
RateCity.com.au research director, Sally Tindall, said: “ANZ is still on the hunt for new customers, but in a marketplace where cashback sweeteners are dropping like flies, there’s no need to splash quite as much cash.”
“ANZ’s rates aren’t the most competitive in the market, but some customers will still be drawn to an offer of $2,000 in cold hard cash,” she said.
“The RateCity.com.au database shows there are now just 12 lenders left in the cashback game, almost one third of the 35 there were in March 2023.
“While there’s still a handful of banks holding on to these sweeteners, customers can’t expect them to last forever. Borrowers hoping to maximise a refinancing deal with a cashback hit should consider making the move soon – but be smart about it.
“Households looking for long term relief are likely to be better off looking for an ultra-low rate and haggling with their new bank to waive any associated fees,” she said.
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Product database updated 19 Nov, 2024
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