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Cashback home loan deals in December 2024


In December, the Reserve Bank of Australia (RBA) is scheduled to hold its final monetary policy meeting for the year on the 9th and 10th. Currently, the cash rate remains at 4.35%, and recent economic indicators suggest that a rate cut is unlikely in the immediate future. Major banks have adjusted their forecasts, now anticipating the first rate cut in May 2025, a shift from earlier predictions of February 2025.
For homeowners looking to ease pressure on their household budgets, refinancing to more favourable loan terms could provide some relief. Refinancing has the potential to reduce interest charges or lower monthly repayments; however, it's essential to consider the associated costs. Traditionally, some lenders have offered cashback incentives to help offset these expenses.
These cashback offers, typically ranging from $2,000 to $4,000, can help cover upfront refinancing costs. Borrowers often have the flexibility to use these funds as they wish—whether to finance minor home improvements, support other expenses, or simply bolster the balance of their offset account.
While appealing, it’s crucial to evaluate the overall value of a loan rather than focusing solely on the cashback amount. Consider the loan's interest rate, features, fees, and other costs to ensure that refinancing achieves the savings you're looking for. As always, comparing your options is key to making an informed financial decision.
Currently, eight lenders are offering cashback deals in December, a significant drop from the peak of 35 deals in March 2023. Under the right circumstances, you may qualify for cashback ranging from $2,000 to $4,000. Keep in mind that the cashback amount you’re eligible for will depend on factors such as your eligibility, total loan amount, and loan-to-value ratio (LVR).
Cashback offers available in December 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 $3,000 for first home buyers only. |
ANZ Plus | $2,000 | Yes | No | Only for Refinancers. |
BankVic | $2,000-3,000 | Yes | Yes | Available for both Refinancers and New Loans. $3,000 cashback exclusive to police and emergency service workers. $2,000 cashback exclusive to healthcare workers. |
Bank of China | $3,288-$2,000 | Yes | Yes | Available for both Refinancers and New Loans. |
ME Bank | $3,000 | Yes | No | Only for Refinancers. |
Credit Union SA | $2,000 | Yes | No | Only for Refinancers. Exclusive to SA education community members and family members. |
Greater Bank | $2,000-$2,500 | Yes | No | Only for Refinancers. |
IMB | $2,000-$4,000 | Yes | Yes | Available for both Refinancers and New Loans. |
Newcastle Permanent | $2,000 -$3,000 | Yes | Yes | Available for both Refinancers and New Loans. |
*For New Loans - FHB only
Source: RateCity.com.au. Data accurate as of 04 December 2024. Value of cashback you may be offered will vary depending on the lender's eligibility criteria.
Compare home loans in Australia
5.74%
5.65%
$3,143
Australian Credit Licence 234945
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- Promoted
- 2024 Award Winner
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- 20% min deposit
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Products issued by ubank, part of NAB
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- 40% min deposit
- P&I
5.69%
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$3,127
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5.83%
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6.04%
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6.04%
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- 20% min deposit
- P&I
5.69%
5.95%
$3,127
Australian Credit Licence 395219
Fees & charges apply
- Promoted
- Owner Occupied
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- 10% min deposit
- P&I
5.84%
6.74%
$3,173
Australian Credit Licence 230686
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6.84%
6.84%
$3,483
Australian Credit Licence 234527
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6.71%
6.75%
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6.19%
6.99%
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Product database updated 07 Apr, 2025
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Promoted home loans

Variable Rate Home Loan LVR < 80%
Real Time Rating™
- 2024 Award Winner
- Special
- Owner Occupied
- Variable
Interest rate p.a.
5.74%
Comparison rate* p.a.
5.65%
Australian Credit Licence 234945
Fees & charges apply

Neat Home Loan
Real Time Rating™
- Special
- Owner Occupied
- Variable
- 40% min deposit
Interest rate p.a.
5.84%
Comparison rate* p.a.
5.86%
Australian Credit Licence 230686
Fees & charges apply

Mortgage Non Offset Home Loan
Real Time Rating™
- Cashback
- Owner Occupied
- Variable
- 40% min deposit
Interest rate p.a.
5.69%
Comparison rate* p.a.
5.70%
Australian Credit Licence 241167
Fees & charges apply

Variable Home Loan
Real Time Rating™
- Owner Occupied
- Variable
- 10% min deposit
- P&I
Interest rate p.a.
5.79%
Comparison rate* p.a.
5.83%
Australian Credit Licence 395219
Fees & charges apply
Product data updated on 7 Apr 2025