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Home loan cashback deals for March 2022
With the cash rate still on hold at 0.10% and experts tipping a hike from the Reserve Bank of Australia as early as June 2022, you may be looking for a home loan option that gives as good as it gets.
Cashback home loans can help to sweeten the home loan deal, whether you’re a first home buyer or a refinancer. These may be used to cover some of the costs associated with taking out a mortgage or put towards a big-ticket purchase, like a new appliance.
From cash in hand to waived lender’s mortgage insurance (LMI) and bonus Qantas frequent flyer points, there’s a range of perks that lenders may offer eligible customers. Let’s explore the cashback deals on offer for March 2022.
What deals are on offer this month?
- Cashback deals
Cashback deals for March are ranging between $1,000 - $5,000, depending on the size of your mortgage and the lender.
RateCity’s database shows that there are 27 lenders offering cashback deals in March, including the big four banks. The majority of cashback offers are for refinancers.
| Lender | Cashback offer | Available for |
| One Two Home Loans | $5,000 | Refinance |
| BankSA | $4,000 | Refinance |
| St. George Bank | $4,000 | Refinance |
| RAMS | $4,000 | Refinance |
| HSBC | $3,288 | Refinance |
| Westpac | $3,000 | Refinance |
| ANZ (via broker) | $3,000 | Refinance |
| Bank of Melbourne | $4,000 | Refinance |
| MyState Bank | $3,000 | Refinance |
| Bank of Queensland | $3,000 | Refinance |
| Virgin Money | $3,000 | Refinance |
| Bank of China | $3,000 | Refinance |
| Citi (via broker) | $3,000 | Refinance |
| ING | $3,000 | Refinance |
| ME Bank | $3,000 | Refinance |
| Suncorp | $3,000 | Refinance |
| Credit Union SA | $2,500 | New loans & refinance |
| Defence Bank | $2,500 | Refinance |
| Tic:Toc Home Loans | $2,022 | Refinance |
| Bankwest | $2,000 | Refinance |
| CBA | $2,000 | Refinance |
| Newcastle Permanent | $2,000 | Refinance |
| NAB | $2,000 | Refinance |
| Heritage Bank | $2,000 | New loans & refinance |
| BankVic | $1,500 | Refinance |
| Reduce Home Loans | Various | New loans & refinance |
| bcu | Up to $5000 | New loans & refinance |
Source: RateCity.com.au. Data accurate as of 18/03/22.
- Reduced LMI
With many cashback offers benefiting refinancers only, let’s explore what perks first home buyers may be eligible for this month.
Several lenders are also offering their customers a reduced LMI deal. If your deposit is smaller than 20%, you will need to pay LMI, which can climb into the tens of thousands of dollars range, depending on your property location. Waiving this cost for first home buyers may help to reduce the financial stress of saving for a first property.
Lenders waiving LMI:
- 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, and planning on making principal and interest repayments.
- For BOQ customers, the $1 LMI offer is available to both owner-occupier and investor first home buyers planning on making principal and interest repayments. Approval is limited to deposits as little as 15% on eligible home loans valued up to $1 million.
- For UBank customers,you may be able to gain loan approval with a loan-to-value ratio (LVR) of only 85% without paying LMI.
- For 86 400 customers,you may be able to gain loan approval with a loan-to-value ratio (LVR) of only 85% without paying LMI.
- Qantas frequent flyer points
You may be able to earn bonus Qantas frequent flyer points when you sign up for a home loan.
Macquarie Bank and Qudos Bank currently offer a home loan sign-up deal that rewards borrowers with Qantas Points. These points may be available at the time of approval or released over your loan term. Plus, you won’t need to spend on eligible purchases to earn these reward points bonuses.
| Lender | Qantas Frequent flyer (QFF) points bonus | Interest rate | Comparison rate | Offer |
| Macquarie Bank Basic Flyer Home Loan | Up to 170,000 QFF points when you borrow $600k | 2.19% | 2.19% | 10k QFF points for every $100k loan drawn, 1000 QFF points per month for the life of the loan, 25,000 QFF points on the third and fifth anniversary of your loan. |
| Qudos Bank Qantas Points Home Loan | 150 QFF for every $1000 of loan balance, no minimum loan balance. | 2.69% | 2.69% | Earn 150 Qantas Points for every $1,000 on your loan balance p.a., credited monthly. No minimum loan balance – earn points for the life of your loan. |
Source: RateCity.com.au. Data accurate as of 07/03/2022.
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.
Disclaimer
This article is over two years old, last updated on March 18, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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Product database updated 18 Nov, 2024
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