Purchase Rebate Calculator: What's The Best Cashback I Can Get?

Disclaimer: This calculator is best used as a guide only. The terms and conditions of cash back vary between lenders. Moreover, offers may be withdrawn by lenders without notice. So, please talk to one of our mortgage brokers to confirm availability and eligibility before proceeding.

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

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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 or more.
  • $4,000 cashback for purchases where the loan amount is greater than $750,000 or more.
  • $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The offer may be withdrawn at any time without notice.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.

$2,000 cashback on purchases

One of our lenders is offering a $2,000 cashback on purchases for applications received by 31 October 2021 and settled by 31 December 2021.

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.

$2,000 cashback on purchase

Another one of our lenders is offering a $2,000 cashback on home loan purchases for applications received by 30 September 2021 and settled by 30 November 2021.

To be eligible for the cashback:

  • The minimum loan amount must be $250,000.
  • You must be applying for an owner-occupied home loan.
  • The cashback will be paid within 14 days of settlement.

  • Home loan cash back offers for first home buyers

    $2000 purchase cashback

    One of our lender banks is offering a $2000 purchase cashback for applications submitted by 27 August 2021 and settled by 29 October 2021.

    Eligibility:

    • Minimum loan amount of $250,000 and maximum 80% LVR
    • Available to owner Occupier and investors on all home loan products, except construction loans and owner occupied loans with interest only repayments.
    • Internal refinances or top ups of existing ME home loans are excluded from the offer.

    Expired home loan purchase cash back offers

    • ANZ‘s $1,000 cashback for minimum loan amount of $250,000 valid till 31 July 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.

    Do you qualify for the cash back?

    To find out, speak with one of our specialist mortgage brokers who are up to date on all current offers from our panel of lenders.

    Call us on 1300 889 743 or fill in our online assessment form.

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