ING to offer $3,000 cashback in home loans cash splash

author-avatar By on July 02, 2021
ING to offer $3,000 cashback in home loans cash splash

As term funding facility drawdowns come to a close, ING now offers refinancing customers $3,000 cashback on home loan products.

ING is offering the cashback deal on all fixed and variable home loans, provided there's at least $500,000 remaining on the loan.

Borrowers must apply by 30 September, and have the home loan settled by 31 December.

ING currently offers fixed home loan rates for owner occupiers from 1.84% p.a. (3.73% p.a. comparison rate*), which applies to the two-year fixed home loan with Orange Advantage offset account.

Other lenders to have offered cashback deals include Westpac and subsidiaries St. George, Bank of Melbourne and BankSA, and 86 400, among others.

Compared to other lenders, however, ING's minimum refinancing rate of $500,000 is much higher; many other lenders require a minimum of around $150,000 to $250,000. 

Below you can compare a range of other lenders' home loans with special offers, including cashback deals.


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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