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New financial year home loan deals

The new financial year marks a great opportunity to reorganise your finances and save on your home loan. It’s no secret that home loans are expensive, so smart homeowners know that there are always ways to save.

Here we’ll walk you through some of the deals lenders are currently offering to help you save on your home loan.

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Home loan cashback deals

A number of lenders offer cashback deals for home loan refinances and sometimes even new purchases. Home loans are expensive, so it can be useful to get a little extra cash back in your pocket during a high-expense time in your life.

Lenders know that they have to stand out amongst their competitors due to an oversaturated market, so cashback acts as an incentive. It’s common to get between $1,000 and $4,000 in cashback, but each bank operates differently.

Here are some of the biggest cashback deals on offer from Big 4 banks, as well as some other lenders:

LenderOfferCriteria overview
ANZFirst home buyer conveyancing fee rebate of up to $1,000Only applies to home loans over $250,000 and applications submitted by 31 July 2021. One rebate of $1,000 maximum per single property purchase for owner occupied properties only. Must hold an ANZ Access Advantage or ANZ One account for reimbursement.
Bank of Melbourne, Bank SA, St. George$3,000 refinance cashbackApplicants must apply by 31 August 2021 and settle by 30 November 2021. Applies to owner occupier (P&I) and residential investment loans through Advantage Package and Basic Home Loans. Minimum $250,000 loan amount. Only one $3,000 cashback deal per primary applicant within a 12 month period. Doesn’t include refinances from the Westpac Group.
Bankwest$2,000 refinance cashbackOffer expires 30 September 2021. Settlement before or on 30 November 2021. Existing Bankwest and Commonwealth Bank loans excluded from offer. Loan to value (LVR) of 80% max. Available on owner occupier, investor, P&I and interest only home loans. Minimum refinance amount of $250,000. One cashback per customer and per home loan.
Commonwealth Bank$2,000 refinance cashbackAvailable for owner occupied and investment loans, as well as all Viridian lines of credit. Not available on bridging loans. Application expires 30 September 2021 and loan must be funded by 31 December 2021. Minimum loan refinance amount of $250,000.
HSBCUp to $3,288 refinance cashbackApply by 31 July 2021 and settle by 30 September 2021. Available once per customer with a minimum loan amount of $250,000. Customers must be refinancing from another institution (not HSBC). Available for the Home Value Loan, Standard Variable Rate Home Loan and Fixed Rate Loan products. Excludes bridging loans, construction loans and non-residents.
ING$3,000 refinance cashbackApply before 30 September 2021 and settle before 31 December 2021. Minimum loan amount of $500,000 with an LVR not exceeding 80%. Must hold an active ING Orange Everyday transaction account when the cashback is paid (70 days post-settlement).
NAB$2,000 refinance cash bonusApplies to home loans of $250,000 or more. Must hold a NAB transaction account at the time of drawdown. Offer expires 31 July 2021 and is available to owner occupiers and investors. Recipients of First Home Loan Deposit Scheme loans, non-residents, businesses, trusts and other non-natural persons are excluded. Available on all NAB home loan products, excluding lines of credit, the NAB Portfolio Facility, the NAB Private Portfolio Facility and building and construction loans. Available once per customer.
WestpacUp to $3,000 refinance cashbackMust apply by 31 August 2021 and settle by 30 November 2021. Applies to owner occupier (P&I) and investment property loans with LVR below 90%. Minimum loan amount of $250,000. Packaged home loans or Flexi First Option only. Available once per applicant within a 12 month period. Doesn’t include refinances from the Westpac Group.

We recommend reading through the terms and conditions provided by each lender for more information.

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What to look out for with these deals:

Remember that you shouldn't just go with a lender because they are offering a cashback deal. Take the time to calculate whether the money you’re getting back is worthwhile. Look out for:

  • Higher interest rates: some lenders offset the cost of providing cashback deals by charging higher interest rates than their competitors who perhaps don’t do cashback deals.
  • Home loan fees: similar to the point above, watch out for lenders trying to increase profits off a home loan by adding fees onto home loans.
  • Deadlines: you’ll want to get in quick because many of these deals expire at the end of June.
  • Bank queues and wait times: make sure you give yourself enough time to apply and be approved to avoid stress.
  • Eligibility: many cashback offers are only available for new customers, so you may have to be switching banks or applying for a new mortgage to be eligible. Some lenders have other conditions about LVR, equity, and minimum loan amounts.

Lendi makes comparing cashback deals easy. Start searching and comparing home loans here.

Pay zero fees & other deals

Cashback and interest rate deals aren’t the only ways you can save on your home loan during this new financial year. Some lenders like Macquarie, Newcastle Permanent and HSBC offer home loans with no ongoing fees or fee waivers on certain products. This means that besides some application fees, you won’t have to pay a monthly or annual maintenance fee, potentially saving you thousands over the years.

If you’re a keen traveller, you can even rack up frequent flyer points on certain home loans. Macquarie Bank, for example, helps their borrowers earn 170,000 Qantas Frequent Flyer Points during the first 5 years of their loan.

Other deals and ways to save may include:

Lenders offer these kinds of deals frequently, but they tend to be limited time offers. Don’t let a tempting offer sway you on a home loan that doesn’t meet your needs. Speak to a Home Loan Specialist for free expert advice on your home loan.

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Got a home loan question? Just ask!

We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a Home Loan Specialist here

The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

Tags: refinance, first home, first home buyer, saving, home loan, new purchase, lender

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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 35% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors.
*WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
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