Which lenders still offer cashback on mortgages?

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on June 28, 2022 Fact Checked
Which lenders still offer cashback on mortgages?

After being in other states for a few months, OneTwo has launched in Queensland and extended its $5,000 cashback offer.

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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Lender

Variable
More details
  • Min 30% deposit
  • No monthly or ongoing fees, add 0.10% for offset
  • Unlimited redraws

Variable Home Loan (LVR < 70%)

  • Min 30% deposit
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  • Unlimited redraws
Variable
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REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO ONGOING FEES

Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%

  • No ongoing fees - None!
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  • Use the app to get loan insights to help you pay off your home loan faster

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 August 11, 2022. View disclaimer.


Photo by Valeria Davgon on Unsplash



Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. 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. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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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 strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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