Mutual Bank’s $5K first home buyer cashback deal nears deadline

The campaign, which launched on 16 October and wraps up at the end of November, seeks to make buying a first home more attainable through added financial support.

Eligible first home buyers can access the offer for purchases or construction loans valued at $500,000 or more, with settlements required by 30 April 2026. 

Borrowers can choose from the customer-owned bank’s Standard Home Loan, Package Home Loan, or Budget Home Loan product, though construction lending is not available under the Budget option. 

The offer applies to both owner-occupied and investment loans, with borrowing limits set at up to 95% loan-to-value ratio (LVR) for owner-occupiers and up to 90% LVR for investors.

To qualify, applicants must open either a Mutual Bank Everyday Account or a 100% Offset Account, noting that the offset feature is not available with the Budget Home Loan. Borrowers are also required to have their salary or wages paid directly into one of these accounts. 

For construction loans, eligibility begins once the land has settled or the first progress payment has been made. The cashback is not available for land-only or off-the-plan purchases.

Eligible first home buyers can combine the Mutual Bank’s $5,000 cashback offer with the Australian Government 5% Deposit Scheme, allowing buyers to enter the property market with just a 5% deposit and without paying lenders mortgage insurance.

Banks and lenders with home loan cashback deals

Apart from The Mutual Bank, several banks and lenders are also currently rolling out cashback offers for home loans.

The most longstanding is ANZ, which continues to offer a $3,000 deal for first home buyers despite axing its $2,000 deal for refinancers a couple of months ago.

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Refinancing

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
Reduce Home Loans	Reduce Home Loans EconoME Home Loan (Owner Occupier, Principal & Interest, LVR 60%)	5.99% p.a.	6.01% p.a.	$2,995	Principal & Interest	Variable			$0	$150	60%				$3000 Cashback T&Cs apply Owner Occupier Variable Principal & Interest 40% Min Deposit Redraw More details		Go to site	Compare		Disclosure
IMB Bank	IMB Bank Budget Home Loan (Owner Occupier, Principal and Interest) (LVR up to 80%)	6.04% p.a.	6.07% p.a.	$3,011	Principal & Interest	Variable			$0	$799	80%				Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw Extra Repayments More details		More details	Compare
ANZ	ANZ Simplicity PLUS (Owner Occupier, Principal and Interest, max lvr 70%)	6.44% p.a.	6.44% p.a.	$3,141	Principal & Interest	Variable			$0	$0	70%				Owner Occupier Variable Principal & Interest 30% Min Deposit Redraw Extra Repayments More details		Speak to a Broker	Compare		Disclosure
Newcastle Permanent	Newcastle Permanent Real Deal Variable Home Loan Special (Principal and Interest) (LVR <80%)	5.99% p.a.	6.03% p.a.	$2,995	Principal & Interest	Variable			$0	$0	80%				Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw Extra Repayments More details		More details	Compare