In the competitive landscape of home loans, cashback offers have emerged as a significant incentive for borrowers looking to refinance or secure a new loan. As of April 2024, Australian lenders are enticing customers with lucrative deals that can make a substantial difference to their finances. Here’s an overview of the best home loan and refinance cashback offers available this month.
Compare the best home loan cashback offers
Displayed in the table are the lowest interest rates for owner-occupier home loans that offer cashback. These rates apply to borrowers who make principal and interest repayments.
Cashback deal |
Offer conditions |
Lowest interest rate |
Lowest comparison rate |
|
|---|---|---|---|---|
BOQ – Owner Occupied Fixed Special Offer |
Up to $2,000 cashback |
Eligible external refinancers only |
5.79% p.a. (discounted 3-year fixed rate) |
6.34% p.a. |
Greater Bank – Great Rate Home Loan |
Up to $2,000 cashback for loans >$250K loans or $3,000 for loans >$500K |
Available on owner-occupied & investment home loans (Closes 31 May 2024) |
5.94% p.a. variable |
5.95% p.a. |
|
Up to $2,000 cashback for loans >$500K loans & up to $10,000 cashback for loans >$2million |
Available for first-home buyers & external refinancers (Closes 30 June 2024) |
5.99% p.a., fixed for 3 years |
6.29% p.a. |
|
Newcastle Permanent Building Society – Real Deal Home Loan |
Up to $3,000 cashback |
Eligible external refinancers only |
6.04% p.a. variable |
6.08% p.a. |
RAMS – Essential Home Loan |
Up to $3,000 cashback |
Eligible external refinancers only |
6.09% p.a. variable |
6.16% p.a. |
RAMS – Essential Home Loan |
Up to $1,000 cashback (first-home buyer offer) |
Eligible first-home buyers |
6.09% p.a. variable |
6.16% p.a. |
Newcastle Permanent Building Society – Premium Plus Package Variable |
Up to $3,000 cashback |
Eligible external refinancers only |
6.09% p.a. variable |
6.43% p.a. |
Greater Bank – Ultimate Home Loan |
Up to $2,000 cashback for loans >$499K loans or $3,000 for loans >$500K |
Available on owner-occupied & investment home loans |
6.13% p.a. variable |
6.50% p.a. |
ME – Basic Home Loan |
Up to $2,000 cashback for loans >$400K loans or $3,000 for loans >$700K |
Eligible external refinancers only |
6.17% p.a. variable |
6.19% p.a. |
ME – Flexible Home Loan (Members Package) |
Up to $2,000 cashback for loans >$400K loans or $3,000 for loans >$700K |
Eligible external refinancers only |
6.24% p.a. variable |
6.63% p.a. |
BankSA – Basic Home Loan |
Up to $2,000 cashback |
Eligible external refinancers only |
6.29% p.a. variable |
6.30% p.a. |
St. George – Basic Variable Home Loan |
Up to $2,000 cashback |
Eligible external refinancers only |
6.29% p.a. variable |
6.30% p.a. |
BOQ – Clear Path Variable Home Loan |
Up to $2,000 cashback |
Available for first-home buyers and external refinancers |
6.39% p.a. variable |
6.51% p.a. |
BankSA – Fixed Rate Home Loan |
Up to $2,000 cashback |
Eligible external refinancers only |
6.49% p.a., fixed for 2 years |
7.54% p.a. |
St. George – Fixed Rate Home Loan (Advantage Package) |
Up to $2,000 cashback |
Eligible external refinancers only |
6.49% p.a., fixed for 2 years |
7.54% p.a. |
ANZ First Home Buyer Bonus – Basic Variable Home Loan |
Up to $3,000 cashback (first-home buyer offer) |
|
6.54% p.a. variable |
6.54% p.a. |
ANZ – Basic Variable Home Loan |
Up to $2,000 cashback |
Eligible external refinancers only |
6.54% p.a. variable |
6.54% p.a. |
ANZ – Basic Fixed Rate Home Loan |
Up to $2,000 cashback |
Eligible external refinancers only |
6.54% p.a., 2-year intro fixed rate |
7.10% p.a. |
RAMS – Fixed Rate Classic Home Loan |
Up to $3,000 cashback |
Eligible external refinancers only |
6.59% p.a., fixed for 2 years |
6.60% p.a. |
St. George – Standard Variable Rate Home Loan (Advantage Package) |
Up to $2,000 cashback |
Eligible external refinancers only |
7.39% p.a. variable |
7.73% p.a. |
RAMS – Full Feature Home Loan |
Up to $3,000 cashback |
Eligible external refinancers only |
8.56% p.a. |
8.63% p.a. |
Rates as of 01 April 2024. ^Disclaimer: While this list provides a comprehensive overview of the best cashback offers in Australia, we cannot ensure that all available offers are included. Cashback offers are subject to change and may be withdrawn at any time. Comparison rates are calculated based on a $150,000 loan amount over a 25-year term (variable rate) with an LVR below 80%. Varying loan amounts and terms will result in different comparison rates and offers. Please consult the provider for complete loan details, including rates, fees, eligibility, and terms and conditions, to determine if the product is suitable for your needs.
Cashback offers for first-home buyers (April 2024)
1. Reduce Home Loans — $2,000 – $10,000 cashback
Eligible first-home buyers can receive cashback amounts ranging from $2,000 to $10,000 with a Reduce Home Loan, based on the home loan amount:
- $250,000 – $499,999: $2,000
- $500,000 – $749,999: $3,000
- $750,000 – $1,999,999: $5,000
- $2,000,000 and above: $10,000.
To qualify, you must apply for your loan between January 1, 2024, and June 30, 2024. This offer is applicable for home loans with a maximum 90% LVR. The cashback will be paid within 30 days of settlement.
To retain the cashback, you must maintain the loan for at least 24 months after settlement. Otherwise, the cashback amount will be added to the total balance due upon discharge or refinancing.
2. ANZ First Home Buyer Bonus — $3,000 cashback
First-time home buyers who qualify can receive a $3,000 cashback with an ANZ home loan of $250,000 or more. To be eligible, you must have an ANZ Access Advantage, ANZ Plus, or ANZ One offset account at the loan drawdown, which must occur within 180 days of applying. The bonus is paid after settlement.
3. Bank of Queensland (BOQ) — $2,000 cashback
First-time home buyers who qualify can receive a $2,000 cashback with a BOQ home loan of $250,000 or more. To be eligible, the loan must have a maximum 90% LVR, and settlement must occur within 120 days. This offer is applicable to owner-occupier home loans with principal and interest repayments only.
4. RAMS — $1,000 cashback
First-time home buyers who qualify can receive a $1,000 cashback on loan applications exceeding $250,000. Settlement must occur within 120 days. The rebate will be automatically deposited into your RAMS home loan account within 60 days after settlement.
5. $1 LMI offer replaced with First Home Guarantee Scheme
Westpac subsidiaries, including St George, BankSA, and Bank of Melbourne, previously offered reduced LMI to $1 for eligible first-home buyers with a minimum 15% deposit. However, these offers have been discontinued since they became participating lenders in the First Home Guarantee Scheme. This national program supports eligible first-home buyers to purchase a home with a deposit starting from 5%.
Conclusion
April 2024 presents a variety of cashback offers for home loan borrowers in Australia. Whether you’re a first-home buyer or looking to refinance, these deals can provide a welcome cash boost.
While cashback offers are attractive, it’s crucial for borrowers to consider the overall cost of the loan. Factors such as interest rates, fees, and loan features should be weighed against the immediate benefit of cashback. It’s advisable to consult with a financial advisor to ensure that the chosen loan aligns with long-term financial goals.
READ MORE
Are There Any Disadvantages of Home Loan Cashback Deals?
How To Best Negotiate a Private Treaty Sale
