Cash back home loan offers

Cash back offers of $3,000+ with your home loan sound appealing? Learn how cash back loans work and compare the latest deals.Home loans package deals for both refinancers and new borrowers.

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A cash back home loan is a mortgage that offers you a lump sum of cash deposited into your bank when the loan settles. These deals can be very tempting: many are great value for borrowers and give you access to low-rate mortgages with useful features, with a bonus cash injection. But make sure you look carefully at the offer details and the home loan itself, to make sure it's suitable for your borrowing needs before you sign on the dotted line.

A cheaper interest rate and minimal fees will save you more money than a one-off $1,000 cash back in the long run, so here's how to work out if a cash back offer is right for you.

St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

2.49 % p.a.

variable rate

2.51 % p.a.

comparison rate

St.George Home Loan Offer

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up to $4,000 cashback and borrow up to 80% of the property's value (terms, conditions & exclusions apply).
  • Interest rate of 2.49% p.a.
  • Comparison rate of 2.51% p.a.
  • Application fee of $0
  • Maximum LVR: 80%
  • Minimum borrowing: $150,000
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Mortgages with cash backs and other special offers

We've curated a list of mortgages that currently come with special offers. Many of the loans here are from lenders with whom Finder has a commercial relationship but we've listed others from across the market.

Please be aware that all these offers have eligibility criteria or exclusions and are generally for a limited time. Read the fine print on the lender's website before submitting a full application (but don't worry, clicking on the green buttons below starts an enquiry, not a full application).

$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
St.George Basic Home Loan
2.49%
2.51% p.a.
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
Get this low-rate variable loan with a 20% deposit and pay $0 application fee. Borrow from $150k (or $250k to be eligible for the cashback offer) (terms, conditions & exclusions apply).
Westpac Flexi First Option Home Loan
2.29%
2.72% p.a.
$0
$8 monthly ($96 p.a.)
95%
$577.55
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
BankSA Advantage Package Fixed Home Loan
1.99%
3.44% p.a.
$0
$395 p.a.
80%
$554.81
Up to $4,000 refinance cashback.
Fix to a low rate for two years and forget about rate rises. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Basic Home Loan
2.54%
2.56% p.a.
$0
$0 p.a.
90%
$596.91
$2,000 cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
Suncorp Back to Basics Home Loan
2.59%
2.60% p.a.
$0
$0 p.a.
90%
$600.83
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
BankSA Basic Home Loan
2.49%
2.51% p.a.
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Basic Home Loan
2.49%
2.51% p.a.
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
St.George Basic Home Loan
2.54%
2.56% p.a.
$0
$0 p.a.
90%
$596.91
$2,000 cashback.
With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get a $2,000 cashback (terms, conditions & exclusions apply)
Newcastle Permanent Building Society Fixed Rate Home Loan
2.38%
3.80% p.a.
$0
$0 p.a.
95%
$584.48
$2,000 refinance cashback
A low 3-year fixed rate with the option to split your loan for free. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Virgin Money Reward Me Variable Home Loan
2.5%
2.67% p.a.
$300
$10 monthly ($120 p.a.)
60%
$593.79
A variable rate loan for owner occupiers with a 40% deposit (or equity).
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
1.98%
3.56% p.a.
$0
$395 p.a.
80%
$554.06
$2,000 cashback for eligible refinancers borrowing $250,000 or more.
Suncorp Back to Basics Home Loan
2.44%
2.45% p.a.
$0
$0 p.a.
80%
$589.12
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
Newcastle Permanent Building Society Premium Plus Package Home Loan
3.77%
4.15% p.a.
$0
$395 p.a.
95%
$697.42
$2,000 refinance cashback
No application fee and 100% offset account. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Virgin Money Reward Me Fixed Rate Home Loan
1.98%
2.66% p.a.
$300
$10 monthly ($120 p.a.)
80%
$554.06
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 August 2021 and settle by 26 November 2021.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.28%
3.84% p.a.
$0
$395 p.a.
95%
$576.78
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
HSBC Fixed Rate Home Loan Package
1.88%
2.86% p.a.
$0
$390 p.a.
80%
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
ME Flexible Home Loan With Member Package
2.59%
3.05% p.a.
$0
$395 p.a.
80%
$600.83
$2,000 cashback offer
A competitive variable rate package home loan with a 100% offset account. Eligible refinancers can get a $2,000 cashback.
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What kind of special offers do lenders offer?

Here's a quick run down of the most common types of home loan offers from Australian lenders.

Cash back

Many lenders will deposit your cash back payment into your account once you settle your home loan. This is becoming an increasingly common offer for refinance customers, as lenders fight hard to get existing borrowers to switch to a new lender.

Cash backs tend to be worth around $1,000 to $3,000 and often come with a few conditions and criteria. These can include:

  • Loan amount. Most cash backs specify a minimum loan amount. If you're refinancing a small loan amount, say $100,000, you might not qualify.
  • Time limit. Cash backs are usually offered for a limited time, specifying that you have to apply by a certain date and have the loan settled by a certain date.
  • Loan purpose. Some cash back offers are limited to refinancers, or are specific to home buyers only (and not investors).
  • Account. You usually need to open a transaction or savings account with the lender in order to receive the cash back.

Always check the cash back offer's fine print to see if you actually qualify. These offers can be very confusing to navigate.

Cash backs are enticing offers because it feels like free money. But you always need to check that loan itself is a good deal regardless of the cash back. Don't let the thought of "free" money distract you from doing the hard work of home loan comparison.

Fee reduction or waived fees

Many lenders will waive or reduce fees for a limited time. Given that application fees can cost $600 or more, this is a decent saving. As with home loan cash backs, fee waivers usually have exclusions and eligibility criteria, such as time limits and minimum loan amounts.

Discounted interest rates

Discounted rates can save you a decent amount of money in the early stages of your loan. Be sure to compare the discount rate to other offers and watch out for the end of the offer period, when the rate will rise.

Compare introductory variable rate loans

Package deals

Some lenders allow you to package things like credit cards, savings accounts and offset accounts with your home loan account. You can save by paying a combined annual fee for all products you've chosen to package, as well as enjoy the convenience of having all of your finances in one location.

Read our guide on package home loans for more information.

Frequent flyer points

Some lenders have partnerships with frequent flyer rewards programs. The points you can gain from these loans can equal enough to cover an international flight. You can learn more about frequent flyer loans in our guide.

Is a home loan cash back offer worth it?

Signup bonuses and cash backs are attractive side benefits of a loan, but don't get too distracted by them. If the loan itself isn't a good product for you then the bonus just isn't worth it.

When comparing mortgages ask yourself this question: if I took away the special offer, would this loan be right for me?

A lower interest rate will save you more money than a cash back offer in most circumstances. A mortgage with features like an offset account and flexible repayment options can also help you save money.

Always look at the following when examining home loan special offers:

  • Interest rate. Does this loan have a competitive interest rate? Will it save you money even without the signup bonus?
  • Period of offer. How long does the signup offer last for? For instance, if the loan offers a special rate for the first year, you need to think about what happens after that first year. Will the loan revert to a higher rate?
  • Loan features. The signup offer should not be the only reason you are choosing a certain home loan. You need to take into account all the features offered by the loan and whether they suit your needs and situation.

When a special offer doesn't make sense

Here's a hypothetical example of a refinance cash back that looks enticing but doesn't really benefit the borrower.

  • Your current loan. You're currently on a 2.95% interest rate with $300,000 left on your loan.
  • The offer. You see a package home loan with a $2,000 cash back and a lower 2.50% interest rate.
  • The comparison. You look around and see a few loans with a similar 2.50% rate but no cash back, so you go for the one that gives you $2,000. Makes sense, right?

But then you realise it's a package loan, so you get a credit card and an offset account with the loan, plus a home insurance policy. This all comes with an extra $400 annual package fee.

But you don't want the offset account or the credit card, and you're currently getting a better deal on your insurance elsewhere. And that annual package fee? Well, in just 5 years it's eaten up the full $2,000 cash back.

It may not worth it. If you switch to a slightly lower rate loan of 2.4% elsewhere that offers what you need and doesn't have the $400 annual package fee you'll be better off. Of course, if you made use of all the products in the package then the fee might be a small price to pay for the convenience of having all your products with one institution.

It all depends on your borrowing needs.

Compare a wider range of mortgages here

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