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Cashback home loan deals in September 2024
Home loan cashback deals are incentives offered by some lenders and banks on select products to attract new customers. While most cashback offers are targeted at those refinancing their existing home loans, some lenders extend these deals to first-home buyers.
A cashback deal may seem appealing, as you receive a lump sum deposited into your transaction account, which can help offset refinancing costs, fund minor home improvements, or provide an early boost to your mortgage repayments. However, the cashback should not be the sole factor in choosing a home loan. For instance, receiving a $2,000 cashback may not be worthwhile if the loan has a higher interest rate compared to other options.
It's important to assess whether a cashback deal is beneficial in the long term. While the upfront cash is tempting, higher interest rates or fees could lead to greater overall costs than a basic home loan. Be sure to run the numbers carefully before committing.
As of September 2024, only eight lenders are offering cashback deals, down from 35 in March 2023. Current offers in RateCity’s database range from $2,000 to $4,000. The cashback amount you qualify for will depend on factors such as your eligibility, the total loan amount, and your loan-to-value ratio (LVR).
Cashback deals for September 2024
| Lender | Cashback | Refinancers | New loans | Notes |
|---|---|---|---|---|
| ANZ* | $2,000 | Yes | Yes | Available for both Refinancers and New Loans (first home buyers only). Cashback of $3K for first home buyers only. |
| ANZ Plus | $2,000 | Yes | No | Only for Refinancers. |
| Bank of China | $3,288-$2,000 | Yes | Yes | Cashback of up to $3,288 for Refinancers & $2,000 for New loans. |
| ME Bank | $3,000 | Yes | No | Only for Refinancers. |
| Credit Union SA | $2,000 | Yes | No | Only for Refinancers. Exclusive to education community members and family members. |
| Greater Bank | $2,000-$2,500 | Yes | Yes | Available for both Refinancers and New Loans. |
| IMB | $2,000-$4,000 | Yes | Yes | Available for both Refinancers and New Loans. |
| Reduce Home Loans | $2,000-$10,000 | Yes | Yes | Available for both Refinancers and New Loans. |
| Newcastle Permanent | $2,000 -$3,000 | Yes | No | Only for Refinancers. |
*For New Loans- FHB only
Source: RateCity.com.au. Data accurate as of 03/09/2024. 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.
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Product database updated 16 Sep, 2024
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