Home loan interest rates are expected to rise with an inevitable rise in cash rates this year, but lenders have been raising rates for months in preparation.
That means it’s never been more important for homebuyers and refinancers to make sure they’re getting the best deal on their mortgage.
Cash back offers are one of the competitive options available that some owners may want to prioritize in their comparison, as they can sweeten the deal. And they don’t just come in the form of cash on hand, with lender’s mortgage insurance waived and bonus Qantas frequent flyer points up for grabs for eligible customers.
Let’s explore the home loan cashback deals on offer for April 2022.
What deals are on offer this month?
Cash back offers can range from $1,000 to $6,000 depending on the size of your mortgage and what the lender is offering. They can be offered in the form of cash in your account, a reduction on your mortgage loan or a gift card.
This month, RateCity’s database shows there are 26 lenders with cashback deals, including the big four banks. The majority of cashback offers are aimed at refinancers.
| Lender | Cash back | Lowest Variable Home Loan Rate | Available for |
| AMP Bank |
$3,000 |
2.22% |
New purchases |
| Bank SA |
$4,000 |
2.09% |
Refinance |
| St. George’s Bank |
$4,000 |
2.04% |
Refinance |
| RAMS |
$4,000 |
2.14% |
Refinance |
| HSBC |
$3,288 |
1.97% |
Refinance |
| Westpac |
$3,000 |
2.09% |
Refinance |
| ANZ (through a broker) |
$3,000 |
2.19% |
Refinance |
| Bank of Melbourne |
$4,000 |
2.04% |
Refinance |
| MyState Bank |
$3,000 |
2.14% |
Refinance |
| Bank of Queensland |
$3,000 |
2.13% |
Refinance |
| blank silver |
$3,000 |
2.09% |
Refinance |
| bank of china |
$3,000 |
2.08% |
Refinance |
| Citi (through a broker) |
Up to $6,000 |
1.99% |
Refinance |
| ING |
$3,000 |
2.09% |
Refinance |
| Bank ME |
$3,000 |
2.04% |
Refinance |
| Suncorp |
$3,000 |
1.94% |
Refinance |
| Credit Union SA |
$2,500 |
2.44% |
New loans and refinancing |
| Defense Bank |
$2,500 |
2.19% |
Refinance |
| Bankwest |
$2,000 |
2.99% |
Refinance |
| ABC |
$2,000 |
2.19% |
Refinance |
| Permanent Newcastle |
$2,000 |
2.22% |
Refinance |
| NAB |
$2,000 |
2.19% |
Refinance |
| Heritage Bank |
Up to $4,000 |
2.15% |
New loans and refinancing |
| BankVic |
$1,500 |
1.95% for 2 years, then 3.11% |
Refinance |
| Reduce home loans |
various |
2.09% |
New loans and refinancing |
| bcu |
up to $5000 |
2.19% |
New loans and refinancing |
Source: RateCity.com.au. Data accurate as of 05/04/2022.
- Lender’s Mortgage Loan Insurance Reduction
Since many cashback offers only benefit refinancers, there are separate benefits that first-time homebuyers may be eligible for in April.
Many lenders also offer their customers a discounted Lender’s Mortgage Insurance (LMI) offer. Homebuyers who have a deposit of less than 20% of the value of the property will generally be charged IMT. This can run into tens of thousands of dollars, depending on the value of your property.
Removing this cost may be an option to reduce the financial stress of home ownership for first-time home buyers.
Lenders waiving IMT:
- 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.
- For 86,400 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.
Macquarie Bank and Qudos Bank are currently offering a home loan sign-up deal that rewards borrowers with Qantas Points. These points may be available at the time of 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 |
| Macquarie Bank Basic Home Loan Flyer | Up to 170,000 QFF points when you borrow $600,000 | 2.19% | 2.19% | 10,000 QFF points for every $100,000 loan taken out, 1,000 QFF points per month for the life of the loan, 25,000 QFF points on the third and fifth anniversary of your loan. |
| Qudos Bank Qantas Points Home Loan | Up to 200,000 QFF points. | 2.69% | 2.69% | 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 05/04/2022.
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 above loans suit your finances, consider using our home loan calculator to see how potential repayments might fit your budget.