Coming off a fixed rate loan? 33 lenders offering cashback deals up to $10,000 this April

If your fixed rate period is about to end, you may want to consider refinancing to a cashback loan to give yourself a rate cut, and nab some extra cash in the process. 

Many homeowners that took out a fixed interest rate before the RBA started hiking the cash rate may be looking down the barrel of a much higher rate environment when their fixed period ends in 2023. Your options may be to cop the higher standard variable rate, or you could be considering refinancing to a new fixed rate loan, or lower variable rate option. 

One way that homeowners can find relief in their budget from a higher interest rate environment may be through refinancing, but this can be costly. This is where a cashback home loan may come in handy for some borrowers. A cashback offer from a new lender may help you nab a lower interest rate and save on the cost of switching lenders. 

This month, there are 33 lenders offering cashback deals for both refinancers and new buyers. These deals range from $2,000 to $10,000, depending on the size of your home loan. 

But that’s not all, as you may be eligible for waived Lenders Mortgage Insurance, or bonus Qantas frequent flyer points, as a perk of signing up to a new lender. 

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

The cashback home loan deals on offer in April

Cashback deals

Refinancing can cost homeowners a few hundred dollars or even thousands, depending on the fees charged by your old and new lender. This is where cashback deals come in, as they can be a competitive strategy for refinancers to cover the costs of switching. 

Additionally, you could splash your cashback offer on a new appliance or home upgrade, or use it to chip away at your loan principal. 

In April, there are 33 lenders offering cash back home loan deals ranging from $2,000 to $10,000, depending on your eligibility, your loan amount and your loan-to-value ratio (LVR). 

For example, Reduce Home Loans offers the largest cash back deal on the RateCity database of $10,000. Eligible customers must have a loan size of $2 million or more. 

Reduced Lenders Mortgage Insurance

If you’re a first home buyer, there are still generous sign up perks available to you. One option that may be worth considering is reduced Lender’s Mortgage Insurance (LMI). 

LMI can be one of the most expensive upfront home loan costs, and is charged when home buyers have a deposit of under 20%. This can cost you tens of thousands of dollars, depending on the value of the property.

In April, 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 interested in a discounted holiday, then it may be worth noting that one Australian lender is offering bulk Qantas frequent flyer points every year to eligible customers.

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