33 Cash Back Home Loan Deals for September That Could Ease the Sting of Rising Rates

The Reserve Bank of Australia raised its key rate again, for a fifth consecutive month. Homeowners who are still considering refinancing due to rising rates may be able to get more than lower rates when considering cash back home loans.

With the cash rate now at 2.35%, home lenders across the country will be looking to raise mortgage rates for their customers. Customers of variable rate home loans will be the first to feel the pinch, with those still on fixed rates from a pre-hike era nervously waiting for their fixed term to end.

One of the ways homeowners can give their budget some breathing room in a higher rate environment is to consider refinancing to a more competitive home loan rate.

This month, there are over 30 cashback home loan deals on offer, with the majority available to refinancers. Some lenders also offer additional benefits to eligible customers, including a reduction in lender mortgage insurance and the ability to earn loyalty points.

Let’s explore the home loan cashback deals on offer in September 2022.

What cashback deals are on offer this month?

As of September, 33 lenders are offering cashback home loan deals to eligible customers. Five of these offers are available for new purchases, provided by Credit Union SA, MOVE Bank, Reduce Home Loans, Heritage Bank and Australian Unity. The value of these cash back offers ranges from $2,000 to $10,000, depending on the lender and the value of the property.

Cash back offers can be provided in the form of cash on hand, a reduction of your principal due or a gift card. They are often used to cover change costs associated with refinancing or can be used for moving costs or a new device.

Cash back

Up to $4,000 cash back when refinancing through a broker

Cash back

Up to $4,000 cash back when refinancing through a broker

While there may be less traditional money-back offers for first-time home buyers, some lenders are also offering special offers. Several lenders are offering first-time home buyers reduced Lender’s Mortgage Insurance (LMI) in September.

LMI can cost homebuyers tens of thousands of dollars, depending on the value of the property, if the borrower does not save a down payment of 20% or more. This is one of the most expensive initial costs for buying a property, apart from the deposit and/or stamp duty.

Here are the lenders offering reduced IMT in September:

  • For St. George customers, The $1 LMI offer is available to eligible first-time home buyers with a 15% deposit, seeking a homeowner’s home loan and planning to repay principal and interest.
  • For BOQ customers, IMT’s $1 offer is available to homeowners and first-time home buyers planning to make principal and interest payments. Approval is limited to deposits as little as 15% on qualifying home loans worth up to $1 million.
  • For UBank customers, you may be able to get approved for a loan with a loan-to-value ratio (LVR) of just 85% without paying LMI.
  • Qantas loyalty points

You may be able to earn bonus Qantas frequent flyer points when you sign up for a home loan.

Qudos Bank is currently running a home loan sign-up offer that rewards borrowers with Qantas Points. These points may be available upon approval or released during the term of your loan. Plus, you won’t need to spend on qualifying purchases to earn these reward point bonuses.

Lender Qantas Frequent Flyer (QFF) Points Bonus Interest rate Comparison rate To offer
Qudos Bank Qantas Points Home Loan Up to 200,000 QFF points. 4.19% 4.19% 200,000 QFF points when you apply for a new Qantas Points home loan between 01/04/22 and 30/06/22 and pay by 30/09/22.

Source: RateCity.com.au. Data accurate as of 09/09/2022.

Keep in mind that there is more to a home loan than an offer you are offered and it is always important to compare interest rates, fees and features of a loan before applying.

For more information on whether any of the loans above suit your finances, consider using our home loan calculator to see how potential repayments might fit your budget.