What are the current home loan cashback offers?
Cashback offers are still available through various banks when refinancing an existing loan or purchasing a property.
In this article, we detail all the current home loan cash back offers available on the market and help you work out whether you are eligible.
Refinance home loan cash back offers
It’s good to see that after the intense mortgage wars of 2023 where banks were throwing up to $4000 to customers to refinance their mortgage, that some of these offers are still available to absorb the usual discharge and government fees associated with refinancing a home loan.
On average, it will cost the customer approximately $700 to $800 to refinance their home loan. This cost is per property so if you have two or more properties that you are refinancing, it can easily add up to a couple of thousand dollars.
The cost of refinancing can discourage people apply for a lower rate due to the upfront costs involved, before they can start saving.
Below is a list of lenders and their refinance cashback offers currently avaiable with all the eligibility conditions.
Cashback offers will always have certain terms and conditions such as a minimum loan amount to qualify and the maximum LVR you can have on your loan.
Most banks have a requirement of at least $250,000 loan amount and your LVR is 80% or less.
You will also need to apply by a certain date and have the refinance settled by a certain date.
ME Bank $3000 Refinance Cashback Offer
$3000 cashback when you refinance your home loan:
Minimum Loan Amount: $700,000
Note: Only $2000 cashback applies if your loan amount is between $400,000 and under $700,000.
Maximum LVR: 80% or less
Loan purpose: available to owner occupiers and investors
Settlement requirement: refinance application must settle within 120 days from the application date.
Exclusions: Not available if your current home loan is with BOQ, Virgin Money or BOQ Specialist
Expiry: Available until further notice
Bank of Queensland (BOQ) $2000 Refinance Cashback Offer
Refinance your current home loan or investment loan to Bank of Queensland and receive $2,000 cashback
Minimum loan amount required is $250,000
Maximum LVR (Loan to value ratio) is 80%
Home loan products eligible under this offer – Clath Path, Economy or Fixed Rate products
Exclusions – cashback offer not available if you are switching your current loan from within the BOQ group – BOQ, Virgin Money, ME Bank and BOQ Specialist.
Expiry date – offer valid until further notice
St George Bank $2000 Refinance Cashback
St George is offering $2000 refinance cashback
Minimum loan amount required: $250,000
Maximum LVR: 80% or less
Available Products: Advantage package products or Basic home loans
Settlement requirement: Application must be settled within 120 days of applying
One cashback available per primary applicant within 12 month period. This means, if you’re applying with a someone else, and then also apply on your own, you will only receive one cashback offer.
Exclusions: excludes refinances from within Westpac Group
Expiry date: offer available until further notice
First Home Buyer Cashback Offer
ANZ $3000 First Home Buyer cashback offer
ANZ is offering $3000 cashback to first home buyers who purchase or build a property with an eligible ANZ home loan product.
Minimum loan amount: $250,000
Settlement requirement: Settle within 180 days from application date
LVR requirement: None
Account requirement: Applicants must have an eligible ANZ account for the cashback to be paid into
Exclusions: You have not previously received this offer within the last 12 months. Only one single bonus amount applies irrespective of the number of applicants, applications loans or securities.
Expiry date: offer available until further notice
