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 Moreover, offers may be withdrawn by lenders without notice.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

$2,500 home loan cash back offer

One of our lenders is offering a $2,500 home loan cash back for new applications submitted by 31 August 2020 and settled by 31 October 2020.

This offer is available for both purchases and refinances.

To be eligible for the cash back:

  • The loan amount must be greater than $300,000.
  • You must not be borrowing more than 80% of the property value, i.e. a loan to value ratio of 80% or less.
  • The loan application must be settled (approved and funded) by 31 August 2020.
  • You must open or hold a transaction account with the lender where the cash back payment will be made before the settlement date. The amount won’t be paid via cash or cheque.

The cash back is available for owner-occupied home loans with a principal and interest repayment, investment loans with principal and interest repayment and investment loans with interest-only repayments.

More importantly, please note that cash back offers are subject to the terms and conditions of the lender, and may be withdrawn at any time without notice.

So, please get in touch with one of our specialist mortgage brokers to find out if you qualify for the cash back. You can call us on 1300 889 743 or fill in our online assessment form.

$2,000 cash back for WA properties

Whether you’re looking to buy, build, or refinance a property in WA (Western Australia), one of our lenders is offering a $2,000 cash back for eligible customers.

The offer is available for new applications submitted by 31 August 2020, and the funds disbursed by 31 October 2020.

To be eligible for the cash back:

  • The property must be located in Western Australia (WA).
  • The minimum loan amount should be equal to or greater than $250,000.
  • The maximum loan to value ratio (LVR) is 90% of the property value.
  • Both P&I and interest only repayment types accepted.
  • Available for both owner-occupied and investment properties.
  • Limited to one cash back per customer.

The cash back will be paid into your home loan account a month after the loan is funded.

Please note that standard terms and conditions apply.

$1,000 purchase cash back plus $550 application fee waived

In addition, to a $1,000 purchase rebate, one of our specialist lenders will also waive off the $550 application fee.

Not only that, they’ll also reimburse you for the property valuation fee up to $286 (subject to settlement).

This offer is available to both purchases and refinances, and is available for applications submitted by 31 July 2020.

Also, this offer is available with low doc loans and bad credit home loans as such they come with a slightly higher interest rate compared to standard home loans.

Please speak with one of our specialist mortgage brokers to find out if this cash back offer is suitable for you.


Home loan cash back offers for first home buyers

$2,000 first time home buyer cash back

One of our lenders is now offering a $2,000 cash back for first home buyers looking to purchase their first property.

This purchase rebate is available for applications submitted by 30 September 2020 and settled by 30 November 2020.

The rebate is:

  • Available for loans with a minimum loan amount of $150,000.
  • Limited to one rebate per eligible home loan application.
  • Not available for refinances of existing home loans.

The $2,000 rebate amount will be paid directly into your home loan account with the lender within 60 days of settlement.

$1,000 conveyancing fee rebate for first home buyers

One of our major banks is offering eligible first home buyers a $1,000 conveyancing fee rebate for applications submitted by 30 September 2020 and settled by 31 December 2020.

In simple terms, conveyancing fee refers to the legal and administrative fees incurred when transferring the ownership of a property by a conveyancer. It involves tasks such as preparing and lodging the necessary legal documents, checking restrictions on the property title, and representing you on settlement day.

The offer is:

  • Only available to owner-occupiers, i.e. a property that you live in.
  • Limited to one payment per property purchase.
  • Payable into an account you open or hold with the bank.

Again, please note that cash back offers are subject to the terms and conditions of the lender, and may be withdrawn at any time without notice.

To find out if you qualify, speak with one of our specialist mortgage brokers by calling us on 1300 889 743 or by filling in our online assessment form.


Expired home loan purchase cash back offers

NAB $2,000 Home Buying Bonus

NAB offered a now-expired $2,000 home buying bonus for customers who took out a new home loan of $250,000 or more.

Unfortunately, this NAB offer is no longer available as such no new applications qualify for the home buying bonus.

However, for customers, whose applications have already been submitted during the offer period (before 19 April 2020), you can still get the cash back provided the loan is draw down before 30 June 2020.

Westpac Purchase Rebate

Westpac’s $2,000 purchase rebate for new applications expired on 29 February 2020.

For applications already submitted, the loan must be drawn down before 30 June 2020.

To ensure you get the cash back on time:

  • The Premier Advantage Package must be applied to the loan.
  • A Westpac Choice Transaction account must be linked to the loan and remain linked for 60 days post-settlement.

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, please 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.