Cashback home loan deals in June 2024

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

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.

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