Banks and lenders are always competing against each other to attract customers with enticing offers such as purchase rebates, refinancing rebates, frequent flyer points etc. They can be a great way for customers to offset some of the costs associated with buying a property and pocket the difference. Let’s look at the best home loan cash back offers from our panel of lenders for purchases currently on offer.
Current home loan cash back offers – Purchases
We update this page on a monthly basis as lenders announce extensions, changes or expiry of these purchase offers.
$6,000, $4,000 and $3,000 cashback for purchases
One of our major lenders is currently offering a:
- $6,000 cashback for purchases where the loan amount is greater than $1,000,000.
- $4,000 cashback for purchases where the loan amount is greater than $750,000.
- $3,000 cashback for purchases where the amount is less than $750,000 but more than $350,000.
The purchase cashback offer is valid on applications submitted by 31 October 2021 and settled by 31 January 2022.
To qualify:
- Minimum purchase home loan amount must be $350,000 or more.
- Home loan application must be submitted within the promotional period.
- Lending must be new to the bank, internal refinances do not qualify.
- Repayment type can be principal and interest; and/or interest only.
- Available on owner-occupier and investor loans (excluding construction loans, company applicants and trust applicants).
- Available on Basic Variable, Standard Variable, Offset Variable and Fixed home loans.
- Applications are subject to credit approval.
- Only one cashback offer per eligible home loan.
The offer may be withdrawn at any time without notice. So, please call us on 1300 889 743 or fill in our online assessment form to find out if you qualify.
$4,000 cashback for purchases
- Minimum loan amount is $1 million
- Available for new home loans
- Only one cashback offer per eligible home loan
$3,000 cashback for purchases
- Minimum home loan amount is $250,000
- Available for new home loans
- Only one cashback offer per eligible home loan
The offer may be withdrawn at any time without notice. So, please call us on 1300 889 743 or fill in our online assessment form to find out if you qualify.
$2,000 cashback on purchases
One of our lenders is offering a $2,000 cashback on purchases with a minimum loan size of $500,000 for applications received by 30 September 2022 and settled by 31 December 2022. The offer is not available for bridging, construction and business loansOffer may be varied or withdrawn at any time. So, please call us on 1300 889 743 or fill in our online assessment form to find out if you qualify.
$1,000 cashback on purchases
One of our lenders is offering a $1,000 cashback on purchases with minimum loan size of $250,000 for applications received by 28 February 2022 and settled by 30 April 2022.
To be eligible for the cashback:
- The minimum loan amount must be greater than $250,000.
- The cashback is limited to one cashback per primary borrower regardless of the number of loans.
- The cashback excludes refinances.
Offer may be varied or withdrawn at any time. So, please call us on 1300 889 743 or fill in our online assessment form to find out if you qualify.
Home loan cash back offers for first home buyers
Expired home loan purchase cash back offers
- ANZ‘s $1,000 cashback for minimum loan amount of $250,000 valid till 31 July 2021.
- ME Bank‘s $2,000 cashback for minimum loan amount of $250,000 valid till 29 October 2021.
- Newcastle Permanent‘s $2,500 cashback for minimum loan amount of $300,000 valid till 31 August 2020.
- BankWest‘s $2,000 cashback for minimum loan amount of $250,000 valid till 30 September 2020.
- Heritage Bank‘s $2,000 cashback for minimum loan amount of $250,000 valid till 30 November 2020.
Is a cash back worth it?
Whether or not a cash back is worth it depends on the cost of the loan including the interest rate, fees, and then deducting any rebate over the term that you will keep it for, which is usually four years. It is recommended that you first look at the total cost of the loan over four years less any rebate.Tips from our brokers on cash backs
Here are some additional important tips on cash backs:- Read the fine print. Cash backs, in general, are subject to the terms and conditions of the lender and may be withdrawn at any time without notice.
- Look for hidden eligibility criteria. For example, interest-only loans may not be eligible for the cash back or you may be required to apply for a specific package with an annual fee to qualify for the rebate.
- The cash back payment is not made in cash or cheque. It is generally deposited into your home loan account or a transaction account that you must open or hold with the lender.
- Make sure the loan is drawn down before the due date.
- Tax consequences may arise because of rebates and cash backs for property investors. Please seek professional advice on the matter.
