ANZ bucks trend with a $2000 cashback refinance home loan offer
The number of cashback switching incentives for borrowers to refinance their home loan has declined throughout 2023, but in good news for borrowers ANZ Bank is bucking the trend and has a $2,000 cashback offer available to new customers.
The ANZ cashback offer is available to eligible owner occupiers or investors who refinance a loan from another financial institution to ANZ. Importantly, all loans must be more than $250,000 and have a loan-to-value ratio of 80% or less to be eligible.
Mozo banking expert, Peter Marshall says that while cashback offers can be a good incentive to switch, first and foremost, borrowers should be looking at the interest rate and fees of the home loan as this is going to overall have the longest term financial benefit.
If you’re wondering how ANZ’s current loan deal stacks up with other home loans on the market, we’ve outlined some of the key details below.
ANZ Simplicity PLUS special offer
- $2,000 cashback
- 6.54% p.a. (6.54% p.a. comparison rate) 80% LVR (further discounts available for lower LVR loans and borrower situations - T&Cs apply)
- Extra repayments and redraw
The Simplicity Plus Home Loan Special Offer gives you a discounted rate depending on your LVR. For borrowers with a 20% deposit, the rate is 6.54% p.a. (6.54% p.a comparison rate). There are no ongoing fees, flexibility to make extra repayments and access a redraw should you need. You can choose between weekly, fortnightly and monthly repayments. The $2000 cashback deal is available for loans of more than $250,000 and for an LVR 80% or below (t&cs apply).
More home loan offers this month
Unloan - Variable Home Loan
- 5.74% p.a. variable rate (5.65% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Refinancers only
Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a low 5.74% p.a. variable rate (5.65% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $10M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^
uBank - Neat Home Loan
- Variable rates from 6.09% (6.11% comparison rate*) - min 40% deposit
- Fast and paperless online application process
- Free extra repayments
uBank has made a name for itself as one of Australia's best value online lenders, and its new Neat Home Loan is a case in point. This low cost variable home loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its best rates, while also being light on fees. Features include free extra repayments and redraw. Plus, uBank is backed by NAB so you get all of the savings an online lender can offer, as well as the security of big bank backing.
Up - Variable Home Loan
- 5.90% p.a. variable rate (5.90% p.a. comparison rate*)
- No application, monthly, annual, redraw, or discharge fees
- Free offset accounts available
With a competitive variable interest rate of 5.90% p.a. (5.90% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.
Macquarie - Offset Home Loan
- Variable rates from 6.14% (6.39% comparison rate*) - minimum 40% deposit
- 100% offset account, redraw facility and extra repayments
- Best Packaged Home Loan Winner 2023^
This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no application fee to worry about.
Calculate your home loan repayments
We can show you the monthly repayment amount for a range of loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.