33 lenders offering cashback home loan deals in February 2023

Whether you’re a first home buyer or a refinancer, a cashback home loan is one way that you may save on upfront costs and pocket some extra cash from the mortgage application process.

The Reserve Bank of Australia has been predicted to hike the cash rate several times in 2023, with an interest rate cut potentially a long way away. For homeowners struggling to meet their loan repayments, you may be considering giving yourself a rate cut through refinancing to a lower-rate option.

One way that homeowners save on the cost of switching lenders is by considering a cashback home loan. 

This month, there are 33 lenders offering cashback deals for both refinancers and new buyers. These deals range from $1,500 to $10,000, depending on the size of your home loan. 

And if cash-in-hand isn’t your thing, waived Lenders Mortgage Insurance and Qantas frequent flyer points are also on offer from some Australian lenders.

Let’s explore the cashback deals for home loans on offer in February 2023. 

What cashback deals are on offer this month?

• Cashback deals

In February, there are 33 lenders offering cash back home loan deals to eligible customers. These offers are valued between $2,000 all the way up to $10,000, depending on the loan amount and your loan-to-value ratio (LVR).

If you’re considering refinancing, cashback deals can be one way to cover the costs of switching. Refinancing costs can be a few hundred dollars or more, depending on the fees charged by your lenders. However, you could also splash your cash on a new appliance or home upgrade, or use it to chip away at your loan principal.

The majority of these are, once again, available for refinancers. However, this month, three lenders are also offering cashback deals to new purchasers as well, including:

• ubank
• Reduce Home Loans
• Heritage Bank
• AMP

• Reduced Lenders Mortgage Insurance

First home buyers need not worry, as there are perks available to them as well. One option to consider comes in the form of reduced Lender’s Mortgage Insurance (LMI). LMI can be one of the most expensive upfront home loan costs if you have not been able to save a deposit of 20% or more. 

This month, one Australian lender is offering waived LMI to eligible first home buyers. As LMI can climb into the tens of thousands of dollars range, this could make a significant difference for some eligible customers. 

In February, St. George is offering waived or reduced LMI to eligible first home buyers:

• For St. George customers, the offer of $1 LMI is available to eligible first home buyers with a 15% deposit, looking for an owner-occupier home loan under $850,000, and planning on making principal and interest repayments.

• Frequent Flyer Points

If you’re less about reduced LMI and more about free holidays, then it may interest you to know that one lender is offering bulk Qantas frequent flyer points every year to eligible customers.

The Qantas Money Home Loan provides eligible home loan customers (must be a Qantas Frequent Flyer Member) with 100,000 Qantas frequent flyer points every year into your account. This could be enough points to take you across the globe, 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).  

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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