Savings.com.au has compiled some of the special home loan deals on offer from lenders across Australia.
Below are three featured home loan cashback offers currently available to owner occupiers:
Lender | |||||||||||||
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Fixed | More details | ||||||||||||
Advantage Package Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR < 60%) | |||||||||||||
Fixed | More details | ||||||||||||
Complete Fixed Home Loan (Principal and Interest) 2 Years (LVR 80%-90%) |

- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 22, 2022. View disclaimer.
When committing to a mortgage, it can be nice to get something in return from the lender.
That’s why some lenders offer special deals - typically in the form of cashback offers, but you may also see gift vouchers and loyalty program points on offer.
Of course, these deals are designed to entice you. They shouldn’t be the sole reason for choosing a lender. Typically, the most important things to look at when choosing a loan are the advertised rate, comparison rate, the features, and your potential monthly repayments.
Also, make sure you read and understand the terms and conditions on each lender’s website to get the full details on these offers before signing away on the dotted line.
A home loan cashback offer generally involves a lender offering an incentive for you to take out a new loan with them or refinance an existing one. The incentive will usually take the form of cash, or it can be rebated towards fees you’d be charged – in some cases, both!
Generally, you can spend the money however you like, making cashback a lucrative marketing ploy.
Below, you'll find a range of available cashback offers available at the time of writing in Australia.
Home loan cashback offers
Bank of Melbourne cashback offer
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Cashback amount: $4,000
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Conditions: For customers refinancing Owner Occupier Principal loans with Principal and Interest (P&I) repayments and Residential Investment loans, with a loan-to-value ratio up to 80%. Available on Advantage Package ($395 annual package fee) and Basic Home Loan (no annual fee) with a minimum loan balance of $250,000. Excludes refinances from within Westpac Group.
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Expiry date: March 31, 2022
Bank SA cashback offer
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Cashback amount: $4,000
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Conditions: For customers refinancing Owner Occupier (P&I) and Residential Investment loans, with LVR up to 80%. Available on Advantage Package ($395 annual package fee) and Basic Home Loan (no annual fee) with a minimum loan balance of $200,000. Excludes refinances from within Westpac Group.
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Expiry date: March 31, 2022
Bankwest cashback offer
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Cashback amount: $2,000
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Conditions: For customers refinancing a home loan with a new Owner Occupier (P&I) or Investor Bankwest home loan products with a LVR of 90% (including lender’s mortgage insurance). Repayments can be made using principal and interest or interest only, with a minimum refinance balance of $250,000.
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Expiry date: June 30, 2022
Bank of Queensland cashback offer
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Cashback amount: $3,000
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Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans with a maximum LVR of 80% and a minimum balance of $250,000.
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Expiry date: April 15, 2022
Commonwealth Bank cashback offer
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Cashback amount: $2,000
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Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans. Minimum refinance amount of $250,000. This offer is not available for Bridging Loans, Owner Occupier loans with interest-only payments and cannot be combined with a Wealth Package fee waiver.
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Expiry date: December 31, 2022
Credit Union SA cashback offer
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Cashback amount: $2,500
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Conditions: Offer available on new Owner Occupier (P&I) loans with minimum new borrowings of $250,000 and LVR of 80% or less. Bridging loans are not eligible for this offer.
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Expiry date: Until further notice
HSBC cashback offer
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Cashback amount: $3,288
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Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans with a minimum refinance amount of $250,000.
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Expiry date: March 31, 2022
ING cashback offer
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Cashback amount: $3,000
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Conditions: For customers refinancing Owner Occupier (P&I) loans and Investment loans. Customers must hold an ING Orange Everyday account. To be eligible for the offer, customers need to be refinancing an existing loan of $500,000 or more and have an LVR of 80% or less. Excludes internal ING refinances.
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Expiry date: March 31, 2022
ME Bank cashback offer
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Cashback amount: $3,000
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Conditions: For customers refinancing Owner Occupier (P&I) and Investment loans with a minimum loan amount of $250,000 and a LVR of 80% or less.
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Expiry date: May 31, 2022
NAB cashback offer
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Cashback amount: $2,000
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Conditions: For customers refinancing an Owner Occupied (P&I) or Investment home loan. To be eligible for the offer, customers need to be refinancing an existing loan of $250,000 or more and hold a NAB transaction account. Excludes refinances from within NAB Group.
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Expiry date: Until further notice
Newcastle Permanent cashback offer
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Cashback amount: $2,000
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Conditions: For customers refinancing an Owner Occupied (P&I) or Investment home loan. To be eligible for the offer, customers need to be refinancing an existing home loan of $250,000 or more (max. 80% LVR) from another institution.
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Expiry date: March 31, 2022
St George cashback offer
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Cashback amount: $4,000
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Conditions: For customers refinancing Owner Occupier (P&I) and Residential Investment loans, with LVR up to 80%. Available on Advantage Package ($395 annual package fee) and Basic Home Loan (no annual fee) with a minimum loan balance of $250,000. Excludes refinances from within Westpac Group including St.George, Bank of Melbourne, Westpac, BankSA and RAMS.
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Expiry date: March 31, 2022
Suncorp cashback offer
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Cashback amount: $3,000
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Conditions: For customers refinancing Owner Occupier (P&I) and Residential Investment loans, with LVR up to 90% with a minimum balance of $750,000. Suncorp’s cashback offer requires a Suncorp Bank transaction account is held in the name of the borrower to be eligible. Pre-approvals, increases to existing loans or refinances of an existing Suncorp Bank home loan are not eligible.
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Expiry date: April 29, 2022
Tic:Toc cashback offer
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Cashback amount: $2,022
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Conditions: For customers refinancing Owner Occupier loans (P&I) and Investment loans. Minimum loan amount $300,000. Excludes refinance of existing Tic:Toc home loans.
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Expiry date: March 31, 2022
Virgin Money cashback offer
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Cashback amount: $3,000
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Conditions: For customers refinancing Owner Occupier loans (P&I) and Investment loans. Minimum loan amount of $300k and LVR of 80% or less is required to be eligible for the cashback. Customers will need to open a Reward Me Home Loan Companion account alongside the loan, where the $3,000 cashback payment will be credited within 60 days of settlement.
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Expiry date: April 15, 2022
Other home loan offers
Cashback offers are typically the most lucrative and popular offer lenders will use, but that doesn’t mean there aren’t other offers around.
Lenders often waive fees such as monthly fees or application fees, or reduce fees and rates on their other products, like credit cards or transaction accounts.
Recently, many lenders have started reducing or completely waiving Lenders Mortgage Insurance (LMI) as a way to bring in first home buyers.
Less often, lenders will offer rewards points for loyalty programs, either as a result of a team-up or through their own program.
Below, you’ll find a comprehensive list of other offers lenders are using to try and win your business.
ANZ waived fees offer
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Loan name: ANZ Simplicity PLUS
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Offer: Loan approval fee (usually $600) and renegotiation fee waived (usually $200-$350).
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Conditions: Will only waive fees upon request. Minimum loan amount of $50,000.
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Expiry date: Until further notice
ING waived fees offer
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Loan name: Fixed-Rate Home Loan
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Offer: When split with an Orange Advantage Home Loan, the $499 application fee is waived.
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Conditions: In Owner Occupier borrowing, max LVR limits may apply.
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Expiry date: Until further notice
St George LMI offer
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Loan name: All home loans.
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Conditions: Available to OO first home loans on P&I, with a maximum loan size of $850,000 for a maximum property value of $1,000,000.
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Expiry date: Until further notice
Suncorp solar offer
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Cashback amount: $3,000
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Conditions: For customers taking out or refinancing an Owner Occupier (P&I) and Residential Investment Loan with a LVR up to 90% and a minimum balance of $500,000. The property must be fitted with a solar power system to be eligible for cashback.
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Expiry date: April 29, 2022
Information current as at February 28, 2022.
Savings.com.au’s two cents
As good as $2,000 cash in your pocket right now might sound, it shouldn’t be the defining factor for which home loan you choose. Borrowing $350,000 over 25 years at a rate of 3.00% p.a. could cost you $1,659 a month and $148,521 in interest over the life of the loan (with principal and interest repayments), according to our home loan calculator.
In contrast, that same loan at a rate 2.00% p.a. would cost you $1,483 a month and $95,647 over the life of the loan. That’s a difference of $176 a month and $53,054 in interest over the life of the loan, which makes that $2,000 or so look like pocket change.
It’s important to always consider the comparison rate and your estimated monthly repayments when choosing between home loan products as making the wrong decision could potentially cost you tens of thousands of dollars down the track.
Image by Artem Beliakin via Unsplash