Buying a home comes with a long list of upfront costs, from stamp duty and legal fees to moving costs, inspections and loan setup fees.
That is why home loan cashback offers can be attractive. Some banks and lenders offer cash incentives, rewards points or fee waivers to encourage eligible borrowers to take out a new home loan with them.
For buyers, a cashback can help offset some of the costs of purchasing a property. However, the biggest cashback is not always the best home loan.
A lower interest rate, sharper fees, useful loan features and the right lender policy can often matter far more than a one-off cash offer.
We update this page on a monthly basis as lenders announce extensions, changes or expiry of these purchase offers.
Are There Cashback Offers For Property Purchases?
Yes, some lenders offer cashback deals for eligible home buyers, but purchase cashback offers are usually more limited than refinance cashback offers.
Cashback offers can depend on:
- Whether you are buying or refinancing
- Whether you are a first-home buyer
- The size of your home loan
- The loan-to-value ratio (LVR)
- Whether the property is owner-occupied or an investment
- Whether the loan is principal and interest or interest-only
- The lender’s current promotion rules
- Application and settlement deadlines
Because lender offers change often, it is important to confirm the current cashback amount, eligibility rules and expiry date before applying.
Current Purchase Cashback Example
A major lender is currently offering a $3,000 cashback to eligible first-home buyers who take out selected ANZ home loans of $250,000 or more to purchase or construct a property.
The offer is listed as available until further notice, but cashback promotions can be changed or withdrawn at any time.
This type of offer may suit eligible first-home buyers who are already considering ANZ and meet the lender’s policy requirements.
However, the cashback should not be the only reason you choose a lender. You still need to compare the full cost of the loan, including the interest rate, fees, repayments and loan features.
Call us on 1300 889 743 or fill in our free online assessment form to learn more about ANZ’s cashback offer.
Why Purchase Cashback Offers Change So Often
Banks use cashback offers to compete for borrowers.
Sometimes the strongest offers are available for refinancers. Other times, lenders target first-home buyers, investors or borrowers with larger loan sizes.
The lender may also restrict cashback offers to certain loan products, application channels or settlement deadlines.That means an offer that is available today may not be available next month.
Before applying, check:
- Whether the offer applies to purchases or refinances
- Whether your loan amount meets the minimum requirement
- Whether your LVR is within the lender’s limit
- Whether owner-occupier and investor loans are both eligible
- Whether construction loans are included or excluded
- Whether the offer applies to your repayment type
- Whether the lender has an application or settlement deadline
- Whether you can still get a competitive interest rate
Is A Home Loan Cashback Worth It?
A cashback can be worth it, but only if the overall loan is still competitive.
For example, a $3,000 cashback may look appealing upfront, but it may not be a good deal if the loan has a higher interest rate, higher fees or fewer useful features than another lender.
A cashback can help with short-term costs, but your home loan is a long-term commitment. A small difference in interest rate can cost far more than the cashback over time.
What Should You Compare Before Choosing A Cashback Home Loan?
Before choosing a lender based on cashback, compare the full loan package.
Look at:
- The interest rate
- Annual and monthly fees
- Application or package fees
- Offset account availability
- Redraw access
- Fixed vs variable options
- Break costs if you leave a fixed loan early
- Lender policy for your income type
- Approval speed
- Cashback eligibility rules
- Long-term repayment cost
A cashback is useful only if the home loan itself still makes sense.
Do You Qualify For A Purchase Cashback?
Eligibility depends on the lender and the offer.You may need to meet conditions around:
- Minimum loan size
- First-home-buyer status
- Property purpose
- LVR
- Loan product type
- Application date
- Settlement date
- Whether the loan is new to the lender
- Credit approval
Some offers are limited to one cashback per borrower or application. Others exclude internal refinances, construction loans, trusts, companies or certain repayment types.
Because the rules vary between lenders, it is best to speak with a mortgage broker before applying.
Purchase Rebate Calculator: What Cashback Could You Get?
Use our purchase rebate calculator below as a guide to estimate what cashback or rebate you may be eligible for.
Please note that cashback terms and conditions vary between lenders. Offers may be changed, extended or withdrawn without notice.
Before relying on a cashback offer, speak with one of our mortgage brokers to confirm:
- Whether the offer is still available
- Whether you qualify
- Whether the lender is suitable for your situation
- Whether another lender may offer a better overall loan
Speak With A Mortgage Broker
Want to know which home loan cashback offers are currently available for purchases?
Speak with one of our specialist mortgage brokers today. Call us on 1300 889 743 or fill in our online assessment form to find out whether you qualify.