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

By Tom Watson · Last updated Monday, 2 August 2021 · 2 min read

Fact Checked

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 rate	Mozo 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 rate	Mozo average
1-year	1.87% (4.01% comparison rate*)	2.30%
2-year	2.09% (3.82% comparison rate*)	2.25%
3-year	2.19% (3.71% comparison rate*)	2.34%
4-year	2.49% (3.66% comparison rate*)	2.53%
5-year	2.79% (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.

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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.

Last updated 12 December 2024 Important disclosures and comparison rate warning*

Important disclosures

Advertiser disclosure

This table shows a range of products, and we may receive payment if you use the links provided. It does not show all providers or all products from the providers. Mozo is paid a fee by the product issuer if you use a link on our site to go to their site from ours, make an inquiry, or you take out a product with them. 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. You do not pay any extra for using our service.

We also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not. While we pride ourselves on covering a wide range of products, we don't cover every product in the market.

Products are initially shown with ‘Promoted’ products at the top that we have chosen to advertise more prominently. The table beneath lists products that meet the information in the filter, sorted according to estimated repayments for loans, and interest rates for deposits. You can change the filter settings to see other products.

We provide only general advice

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 Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.

Comparison rate warning

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.

How Initial Monthly Repayments figures are estimated

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.

Want free expert advice on your home loan?

If you've not found the right product here then we can put you in touch with an Aussie broker.

What you'll get:

Advice from a fully accredited home loan expert
Help matching your needs with 25+ lenders
Someone to negotiate rates with lenders on your behalf
Guidance - every step of the way

Book an appointment with Aussie

New purchase

Refinance

Speak to a broker

Want free expert advice on your home loan?

If you've not found the right product here then we can put you in touch with an Aussie broker.

What you'll get:

Advice from a fully accredited home loan expert
Help matching your needs with 25+ lenders
Someone to negotiate rates with lenders on your behalf
Guidance - every step of the way

Book an appointment with Aussie

New purchase

Refinance

Speak to a broker

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^* 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

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.

Tom Watson

Finance journalist

Tom Watson is a financial journalist at Mozo and co-host of the Finance Burrito podcast, specialising in fintech, property and business banking. Whether it’s reporting on banking trends or uncovering the latest product innovations, Tom’s mission is to keep our readers up to date with breaking Australian financial news. His work is often sourced in the media and across social media channels. Tom has a degree in Journalism from the University of Technology, Sydney. He is also ASIC RG146 (Tier 2) certified for general advice.

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