Refinancing lender OneTwo was previously only offering mortgages to residents in NSW, SA, and Victoria.

The cashback offer has also been extended past its initial 30 June deadline, now to 31 July.

The $5,000 offer appears to be one of the highest in the market.

It is available to refinancing customers with a minimum loan size of $500,000; customers must apply to refinance by 31 July and settle on or before 30 September.

OneTwo also has what appears to be one of the lowest variable rates for owner occupiers in the market at 2.59% p.a. (2.49% p.a. comparison rate*).

The lender has a few other distinct features:

  • Automatic rate discounts of up to 15 basis points (0.15%) as customers pay down their loan.
  • Payment matches dollar-for-dollar on extra loan repayments made in the first six months up to $2,500.

Chief customer officer Liz McCarthy said these features make the lender stand out in the market.

"The longer you’re with us, the greater the benefits," Ms McCarthy said.

"We want to help our customers to pay down their loan sooner and save cash along the way."

OneTwo is expected to launch a redraw facility soon.

Other lenders to offer automatic discounts include Unloan and Athena.

Cashback offers in the market

  • Bankwest: $2,000, expires 30 June.
  • Bank of Queensland: $3,000, expires 30 June.
  • CommBank: $2,000, expires 31 December.
  • HSBC: $3,288, expires 31 August.
  • ING: $3,000, expires 31 July.
  • NAB: $2,000, until further notice.
  • Westpac: $3,000, expires 30 June.

This list is not exhaustive. Check with each lender to determine if the offer extends to new lending or refinancing only.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Rates
Features
Fees
Other
Lender
VariableMore details
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
VariableMore details
Refinance OnlyApply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
More details
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
More details
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000

More details
Important Information and Comparison Rate Warning

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. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. 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 December 11, 2023. View disclaimer.

Photo by Valeria Davgon on Unsplash



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