April cashback deals: Up to $3,288 on offer to home loan refinancers


The home loan market is running red hot, with plenty of competition from banks and other lenders on both fixed and variable offers. Rates are already at some of the lowest levels we’ve seen though, so in order to stand out some lenders are rolling out additional incentives, including cashback deals.

Just how much cashback you ask? Well, 13 lenders in the Mozo database are currently offering at least $2,000 cashback to eligible mortgage holders willing to refinance their home loans, including the likes of 86 400, Commonwealth Bank, Credit Union SA, NAB, Newcastle Permanent and Westpac.

Some are going even higher, with the likes of BOQ, HSBC and Virgin Money all offering $3,000 or more cashback to eligible refinancers willing to make the switch.

Of course, there’s more to a loan than a cashback deal, as fees, features and rates are all important to consider. But if you are looking to refinance your home loan and you’d like to snag a competitive rate and some bonus cash along the way, you may be interested in the offers we’ve wrapped up below.

Discount Fixed Rate (Owner Occupier, Principal & Interest, <80% LVR)
  • 2-year fixed rate of 1.89% (3.05% comparison rate*)
  • $3,000 cashback
  • Make up to $5k in extra repayments p.a.
Find out more

Like the sound of a loan which balances a low fixed rate and flexibility? With BOQ’s Fixed Rate offer owner occupiers can secure a rate as low as 1.89% (3.05% comparison rate*) for two years, plus they’ll be able to make extra repayments towards their loan (capped at $5k per year). Bear in mind that there is a $10 monthly service fee to weigh up though. BOQ are even giving $3,000 cashback to eligible borrowers who refinance an existing loan of at least $250,000 (max. 80% LVR) from another bank - that’s as long as their application is received by 28 May, 2021 and settled by 27 August, 2021.

Special Offer Reward Me Fixed Rate Home Loan (Owner Occupier, LVR <80%, 300k+)
  • 1.94% (2.77% comparison rate*) 2-year fixed rate
  • $3,000 cashback
  • Additional repayments up to $10k p.a.
Find out more

The Reward Me Fixed Rate Home Loan comes with competitive fixed rates on 2, 3 and 5-year terms, with the lowest currently sitting at 1.94% (2.77% comparison rate*) for a 2-year fixed term for owner occupiers. Like most fixed loans, features are on the sparse side, but Virgin Money does give borrowers the chance to chip away at their balance faster via extra repayments (up to $10,000 per annum). There are some fees to consider though, including a $10 monthly service fee. What about the cashback offer? Well, eligible refinancers could snag $3,000 cashback when they refinance a loan of at least $300,000 from another lender to Virgin Money. Applications will need to be made by 28 May, 2021 and settled by 27 August, 2021.

Fixed Rate Home Loan (Owner Occupier, Principal & Interest, LVR <80%)
  • 2-year fixed rate of 1.88% (2.86% comparison rate*)
  • $3,288 cashback
  • Extra repayments allowed (free up to $10k p.a.)
Find out more

Starting at just 1.88% (2.86% comparison rate*) on a 2-year term for owner occupiers, HSBC’s Fixed Rate Home Loan comes with some of the most competitive fixed rates around. The good news doesn’t stop there though, as borrowers will be able to make extra repayments of up to $10,000 each year for free, though the loan does come with a $390 yearly service fee. HSBC is also offering a whopping $3,288 cashback to eligible existing mortgage holders who refinance a loan of at least $250,000 from another bank. You’ll need to be quick though, because applications will need to be submitted by 30 April, 2021 and settled by 30 June, 2021.

Special Fixed Rate Home Loan (Owner Occupier, Principal & Interest, LVR <80%)
  • 1.99% (3.45% comparison rate*) fixed rate for 4 years
  • $2,000 cashback
  • Free extra repayments and redraws
Find out more

Newcastle Permanent’s Special Fixed Rate Home Loan is built for borrowers wanting to lock in a sharp rate on a packaged home loan. Rates start at 1.99% (3.45% comparison rate*) for owner occupiers on a 4-year term and the loan offers everything from extra repayments (free up to $25k p.a.) and redraws to package perks like insurance discounts. There is a $395 annual service fee to consider though. How about the cashback offer? Well, eligible refinancers will receive $2,000 cashback when they switch to Newcastle Permanent with a loan of $250,000 or more (max. 80% LVR). Bear in mind this is a limited time offer, so you’ll need to submit your application by 30 June, 2021 and have the loan funded by 31 August, 2021.

Ready to compare even more offers from different lenders? Head on over to our refinance home loans comparison table to get started.

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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.

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