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Dropping like flies: ING follows big bank rivals in axing cashback

Dropping like flies: ING follows big bank rivals in axing cashback

29 May, 2023 - 4 min read

ING has today announced it will be ending its $3,000 cashback for refinancers on 30 June.

The move follows on from similar decisions from three of the big four banks to end their cashback offers. CBA’s cashback offer ends in two days’ time, while NAB and Westpac’s cashback deals wrap up on 30 June.

ANZ is the only big four bank that has not announced it will be finishing its cashback deal.

The RateCity.com.au database shows:

30 lenders currently offer a cashback incentive to new home loan customers.
5 lenders have announced they are ending their cashback programs: CBA, Bankwest, NAB, Westpac and ING, taking the number to 25 when these decisions take effect.
The highest cashback offer is from Reduce Home Loans at $10,000, however, this is only for loans of over $2M and not available on the lender’s lowest rate.

RateCity.com.au research director, Sally Tindall, said: “Cashback deals are dropping like flies with ING the latest lender to say ‘adios’ to this contentious perk.”

“The current market churn is putting pressure on the banks’ profit margins. This is a collective call for calm from some of the nation’s biggest lenders,” she said.

“ANZ is the is the only big four bank still holding on to its cashback offer, but you’d have to think its days are numbered.

“The bank has said it intends to stay at the forefront of the refinancing fight, but it’s a fight ANZ may eventually have to concede to profit margin pressures.

“The steam might be coming out of the market at the top end of town, however, there are plenty of smaller lenders that still have sizeable cashback offers on the table.

“Borrowers intending to refinance have not missed the boat, however, they may need to look beyond Australia’s largest banks if they want the most competitive deals.

“The big banks might want the churn to stop, but borrowers do not have to dance to the beat of their drum. If Australians keep refinancing to better deals, the big banks will have no alternative but to chase them down,” she said.

List of lenders currently offering cashback on RateCity.com.au

Lender	Cashback	Refinancers	New loans	Notes
AMP	$4,000	✓	✓	Available on loans of $750k and above.
ANZ	$2,000-$4,000	✓	X	Cashback of $3,000 for first home buyers.
Bank of China	$2000-$4,288	✓	✓	Cashback of $2,000 for new purchases.
Bank of Melbourne	$4,000	✓	X
Bank of Queensland	$3,000	✓	X
BankSA	$4,000	✓	X
Bankwest – ENDS WED 31 MAY	$2,000	✓	X
bcu	$4,000	✓	✓
CBA – ENDS WED 31 MAY	$2,000	✓	X
Defence Bank	$2,000-$4,000	✓	X	Max cashback for loans over $750K.
Geelong Bank	$2,000	✓	✓
Greater Bank	$3,000-$4,000	✓	✓	Max cashback for loans over $500K.
Heritage Bank	$2,000-$5,000	✓	X	Max cashback for loans over $700K.
HSBC	$3,288	✓	X
imb bank	$2,000-$4,000	✓	X	Max cashback for loans over $500K.
ING - ENDS 30 JUNE	$3,000	✓	X
loans.com.au	$2,000-$4,000	✓	X	Available on loans of $250k and above.
ME Bank	$2,000-$4,000	✓	X	Max cashback for loans with 40% deposit or more.
NAB – ENDS 30 JUNE	$2,000	✓	X
Newcastle Permanent	$2,000-$3,000	✓	X	Max cashback for loans over $500K.
P&N Bank	$3,000	✓	X
People's Choice	$5,000	✓	X	Available on loans of $700k and above.
RACQ	$2,000	✓	X
RAMS	$4,000	✓	X	Rebate of $1,000 for first home buyers
Reduce Home Loans	$2,000-$10,000	✓	✓	Max cashback for loans over $2M.
Regional Australia Bank	$3,000-$4,000	✓	X	Max cashback for loans over $500K.
St. George Bank	$4,000	✓	X
Summerland Credit Union	$2,000-$3,000	✓	X	Max cashback for loans over $500K.
Suncorp Bank	$3,000	✓	X	Available on loans of $500k and above.
Westpac - ENDS 30 JUNE	$3,500	✓	X

Source: RateCity.com.au

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Product database updated 04 Dec, 2024

This article was reviewed by Research Director Sally Tindall before it was published as part of RateCity's Fact Check process.

Laine Gordon

Money Editor

Laine Gordon is the Money Editor at RateCity and an experienced journalist and research specialist. With a background in news and feature writing, covering finance, media and even food (a passion of hers) at Reed Elsevier publications, Laine brings almost two decades of experience to the team. Having covered major areas of interest to the general public from hip pocket issues to rising and falling interest rates and the impact to mortgages, credit and saving in Australia, she is passionate about researching and telling people’s stories to help others make better decisions about their own finances.