P&N Bank has a new $3,000 cashback offer, and it’s not just for mortgage refinancers

By Tom Watson · · 2 min read
Fact Checked
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Western Australian-based P&N Bank has joined a growing list of Australian lenders offering extra incentives to home loan customers with the launch of a new cashback offer.

Announced yesterday, the customer-owned bank will provide new mortgage customers with $3,000 cashback when they take out a loan which is worth $250,000 or more and has a loan-to-value ratio (LVR) of 80% or less.

In addition to being available to owner occupiers and investors, P&N’s cashback offer is available on both new and refinanced loans - a distinction which senior manager of retail distribution, Gemma Hay, says is unusual.

“Cashbacks are typically only available for customers who are looking to refinance from other banks, and P&N is one of the few banks in Australia to also extend a cashback offer to customers looking to purchase a new home."

This point is confirmed by our own data. Of the 25 cashback offers available from lenders being tracked in the Mozo database, the vast majority are only available to refinancers. In fact, one of the few exceptions is the cashback deal of up to $5,000 currently being offered by fellow customer-owned bank BCU - a subsidiary of P&N Bank.

While the promise of a cash incentive may be appealing to many borrowers, a recent Mozo analysis found that other loan features may be worth prioritising when it comes to saving money - namely, getting the lowest interest rate possible.

So on that front, how do P&N Bank’s home loan rates stack up? Here are two examples:

& Basic Home Loan

P&N Bank’s & Basic Home Loan is a low-cost option available to owner occupier borrowers who aren’t fussed about having features like an offset account. As the table below shows, its variable rates at the <80% LVR tier are considerably lower than our database average.

Variable rate Mozo average
Owner occupier (60-90% LVR) 2.49% p.a. (2.49% p.a. comparison rate*) 3.14%

Fixed Rate Home Loan

P&N Bank’s Fixed Rate Home Loan is another relatively low-cost option, this time for borrowers looking to lock in a rate for 1-5 years. Again, as the table below shows, it’s rates for owner occupiers (<80% LVR) are currently all lower than our database averages.

Fixed rate Mozo average
1-year 2.09% p.a. (3.71% p.a. comparison rate*) 2.29%
2-year 1.99% p.a. (3.54% p.a. comparison rate*) 2.24%
3-year 2.09% p.a. (3.42% p.a. comparison rate*) 2.34%
4-year 2.39% p.a. (3.38% p.a. comparison rate*) 2.58%
5-year 2.69% p.a. (3.40% p.a. comparison rate*) 2.81%

To sum up, while there are certainly lower rates out there, the two loans outlined above are both offering competitive interest rates - at least, compared to other loans being tracked in our database. There are also a number of other loans on offer from P&N, which you can view for yourself at our P&N Bank home loans hub.

RELATED: Multiple lenders are offering $3,000 cashback to refinance your home loan

Ready to see if you can grab a better deal on your own mortgage? See how it stacks up against some of the hot refinancing deals listed in the table below, or head on over to our refinance home loan comparison table to compare it to even more offers from a larger selection of lenders.

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 14 November 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • Promoted

    Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.21 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Earn Virgin Money Points every month
    • No ongoing home loan fees
    • Make additional repayments and redraw at no extra cost

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    4.89 % p.a.
    Fixed 2 years
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,651
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    4.89 % p.a.
    Fixed 2 years
    Comparison rate
    5.44 % p.a.
    Initial monthly repayment
    $2,651
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • 2-Year Discounted Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Refinance only
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable for 24 months and then 5.24% p.a.
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • 2-year discounted variable rate offer for owner-occupiers
    • No application or ongoing fees and up to $1,000 towards legal and valuation costs (T&Cs apply)
    • Make unlimited extra repayments and access free redraw anytime

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Special Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.19 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • No application or monthly fees
    • Free redraw facility
    • $5000 cashback for first time buyers borrowing at least $500K. Apply by 30/11/2025 with loans settled by 30 April 2026. Lending criteria, T&Cs apply.

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Lite Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.21 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Earn Virgin Money Points every month
    • No ongoing home loan fees
    • Make additional repayments and redraw at no extra cost

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.24 % p.a.
    Variable
    Comparison rate
    5.27 % p.a.
    Initial monthly repayment
    $2,758
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Loaded Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.34 % p.a.
    Variable
    Comparison rate
    5.64 % p.a.
    Initial monthly repayment
    $2,789
    Go to site
    • Earn Virgin Money Points at settlement and every month
    • 100% interest offset
    • Weekly, fortnightly or monthly repayment flexibility

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.38 % p.a.
    Variable
    Comparison rate
    5.41 % p.a.
    Initial monthly repayment
    $2,801
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months

  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.42 % p.a.
    Variable
    Comparison rate
    5.45 % p.a.
    Initial monthly repayment
    $2,814
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 14 results from 378 home loans. Use the filters to see more

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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

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.

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