Suncorp launches cashback offers up to $4,000 for COVID-19 workers

Tom Watson

21 May 2020

Australian currency in back pocket content

Competition among lenders to attract home loan refinancers appears to be heating up with a spate of new cashback offers as high as $4,000 hitting the market in recent weeks. 

One of the latest deals is from Suncorp which has just rolled out a three-tiered cashback offer for eligible owner occupiers and investors, including a special for COVID-19 frontline workers. 

The offers are available to new refinancers who apply by July 10 and settle their loan by November 10. Here are the tiers: 

$2,000 cashback: For eligible refinancers on loans between $250,000 - $749,999 with an LVR below 90%. 

$3,000 cashback: For eligible refinancers on loans over $750,000 with an LVR below 90%.

Extra $1,000 cashback: For eligible health, education or emergency services workers, meaning potential cashback of up to $4,000. 

“As many Australians manage the financial strain of coronavirus, this offer will support households by putting cash in the pockets of Australian homeowners,” said Suncorp’s executive general manager for lending, Glenn Haslam.

“We understand that customers want the choice – to use this extra cash to help with the household budget or to own their home sooner.”

RELATED: Construction of new homes set to drop by nearly half, says HIA

Suncorp isn’t alone though, as seven other lenders in the Mozo database also have cashback offers available at present. 

- 86 400 - Eligible borrowers taking out a home loan of $250,000 or more could receive $2,000 cashback with neobank 86 400 when they apply before June 30 and settle by August 31. 

- Bank of Melbourne - Borrowers with a minimum loan size of $250,000 may be eligible for $2,000 cashback per property when they apply to refinance with Bank of Melbourne before May 29 and settle by July 31. 

- BankSA - Owner occupiers looking to refinance could be eligible for $2,000 cashback per property when they apply to refinance a loan above $200,000 with Bank SA by May 29 and settle before July 31. 

- Commonwealth Bank - Borrowers who refinance $250,000 or more with CommBank may be eligible to receive up to $2,000 cashback when they apply before August 3 and have their loan funded by October 9. 

- MOVE Bank - Eligible investors and owner occupiers could receive $1,000 cashback when they apply for a loan of $500,000 or more with MOVE Bank by June 30 and have it settled by July 31. 

- St.George - St.George is offering eligible refinancers $2,000 cashback per property when they apply by May 29 and settle their loans by July 31. 

- Virgin Money - Eligible borrowers with a minimum loan size of $300,000 could receive $2,500 cashback when they apply for a Reward Me Home Loan before May 25 and have it settled before August 31.

While the idea of snagging a cashback deal may be an alluring prospect for refinancers, Mozo Banking Expert, Peter Marshall, recommends that borrowers still need to do their homework first. “Everyone loves to get a bit of cash in their pocket, but cashback offers are often just a way for lenders to offer a price incentive without necessarily locking people into low rates for a long period,” he said. 

“When comparing loans take any cashback offer into consideration with what you’d also pay in the way of interest and fees over the life of the loan, because you might find that $2,500 cashback doesn’t actually amount to much on a large loan over several decades.” 

RELATED: 1 in 14 Australian mortgages now deferred as COVID-19 impact continues

Ready to crunch the numbers to see how much refinancing could save you? Compare your existing home loan side-by-side with another offer using our handy home loan comparison calculator

Otherwise start your search by checking out some of the hot offers in the table below, or head on over to the Mozo home loan comparison tables for the latest rates from even more lenders.

Compare home loans

Rates updated daily. Advertiser disclosure.

  • loans.com.au
    Mozo Expert Choice Badge" style="width:60px;">

    1.99% p.a.variable for 12 months and then 2.48% p.a.

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    1.99% p.a.variable for 12 months and then 2.48% p.a.

    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.

    Smart Booster Home Loan

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 1.99% p.a.variable for 12 months and then 2.48% p.a.

    • 2.47% p.a.

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

    Details Close

  • Macquarie

    p.a.

    2.43% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    p.a.

    2.43% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    Basic Home Loan

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • p.a.

    • 2.43% p.a.

    • $0

    • 70.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • UBank

    p.a.

    2.22% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    p.a.

    2.22% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    UHomeLoan

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    • $0.00

    • $0.00

    • yes - free up to $20,000 p.a.

    • no

    • no

    • $0

    • p.a.

    • 2.22% p.a.

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 30 September 2022. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

  • Athena
    Mozo Expert Choice Badge" style="width:60px;">

    2.19% p.a.

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    2.19% p.a.

    2.19% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.

    Celebrate Variable Home Loan

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 2.19% p.a.

    • 2.19% p.a.

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

    Details Close

  • Tic:Toc

    p.a.

    2.15% p.a.

    $1234

    Product details Close details
    Fixed Home Loan

    Owner Occupier, Principal & Interest

    p.a.

    2.15% p.a.

    Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^

    Fixed Home Loan

    Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^

    • $0.00

    • $325.00

    • yes - free, up to $20,000 p.a.

    • yes - free

    • Optional - $10 per month

    • $0

    • p.a.

    • 2.15% p.a.

    • $0

    • 90.00%

    • $50,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Home Loan

    Details Close

^See information about the Mozo Experts Choice Home loans Awards