bcu rolls out home loan cashback deal worth up to $5,000

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Customer-owned bank bcu has announced the launch of a new cashback deal which could see mortgage holders pocket thousands of dollars for taking out a new home loan

Under the offer, new bcu mortgage customers can receive 0.75% of their loan amount as cashback, up to a maximum of $5,000. For instance, borrowers taking out a $400,000 loan could be eligible for $3,000 cashback.

And unlike some cashback deals, bcu’s offer is available to both new home buyers as well as existing owners looking to refinance their loan from another lender.

“As a customer-owned bank, we are not here to make profits for third party shareholders and are able to return as much profit as possible through our competitive product offering,” said senior retail distribution manager, Adam Cross. 

“By calculating the cashback amount each customer can receive as a percentage of their new loan balance, we’re able to create a unique offering without a one size fits all approach. Whether a first home buyer, investor or looking to refinance, each customers’ situation and cashback amount is assessed and determined individually.” 

bcu aren’t alone in providing home loan customers with extra incentives though. According to the latest figures from the Mozo database over 15 lenders are currently offering cashback deals of $1,500 or more, many of which are exclusively for refinancers. 

How do bcu’s home loan rates compare? 

A cashback deal is one thing, but how do bcu's home loans actually stack up? Well, here’s a brief run through of two of bcu’s more cost effective loans. 

OMG Home Loan

The OMG Home Loan is available to both owner occupiers and investors on loan amounts from $150,000 to $1,500,000, plus it gives borrowers access to features like extra repayments and redraw and it comes with minimal fees. It also has some of bcu’s lowest variable rates which you can see compared against the equivalent average variable rate in the Mozo database.

Variable rateMozo average
Owner occupier (P&I, <80% LVR)2.44% (2.45% comparison rate*)3.19%
Investor (P&I, <80% LVR)2.99% (3.00% comparison rate*)3.61%

Fixed Rate Home Loan

bcu’s Fixed Rate Home Loan is also available to both owner occupiers and investors, with loan amounts from just $20,000 all the way up to $2,500,000. In terms of features, borrowers can make extra repayments (redraws are unavailable), and there are also relatively few fees attached. The loan also comes with some very competitive fixed rates. Here are the fixed rates available for owner occupiers (based on an 80% LVR) against the equivalent average fixed rates in the Mozo database.

Fixed rateMozo average
1-year1.87% (4.01% comparison rate*)2.30%
2-year2.09% (3.82% comparison rate*)2.25%
3-year2.19% (3.71% comparison rate*)2.34%
4-year2.49% (3.66% comparison rate*)2.53%
5-year2.79% (3.66% comparison rate*)2.78%

Those are just two of the loans on offer from bcu though. You can find out more about both of them, as well as the other loans available, over at our dedicated bcu home loans page. 

RELATED: August home loan snapshot: Cashback deals, green loans and new variable rate lows

Ready to see if you can get a better deal on your home loan? Check out some of the hot offers for refinancers in the table below, or browse through an even greater range of deals using the Mozo refinance home loan comparison tables.

Home loan refinance offers - last updated 27 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

    Compare
    Details
  • Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

    Compare
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

    Compare
    Details
  • Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

    Compare
    Details

* 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

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