Finty

Compare cashback home loans

Enter your loan and deposit to see the rate and repayment you'd get on 100 cashback home loans, and how much a lower rate could take off your repayments.

Home loans where the lender lists a cashback offer for new loans or refinancing. Offers have conditions, such as a minimum loan amount and dates to settle by, so check them before you apply.

Written byDavid Boyd

What would your repayments be?

Enter your loan and deposit, and we'll find each lender's rate for you and work out the monthly repayment over 30 years.

17 loans

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Each loan shows its lowest published variable rate for your choices and deposit. Repayments are over 30 yearsand include any monthly fee. Fixed repayments are worked out as if the fixed rate ran for the whole loan. The rate you're offered depends on your circumstances. Comparison rates are for the lender's example loan of $150,000 over 25 years.

WARNING: A 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.

Cashback home loans at a glance

Worked out from the 100 loans from 7 lenders we compare on this page.

Typical variable rate

6.39%

Across the 17 loans for a home you live in, with a 20% deposit. Half sit between 6.33% and 7.49%.

With an offset account

19 of 100

98 loans let you redraw extra repayments.

Typical upfront fees

$1,230

0 of 100 loans charge none.

No annual fee

0 of 29

loans that state an annual fee set it at $0.

How variable rates are spreadNumber of loans in each band. The most common is 6–6.5%.

The short version

  • Some lenders pay a one-off amount when you take out or refinance a home loan.
  • Offers come with conditions, such as a minimum loan and dates to settle by.
  • A higher rate can cost more than the cashback, so compare the whole loan.

How cashback home loans work

Some lenders pay a one-off amount, often $2,000 to $4,000, when you take out a new home loan or refinance to them. The money is usually paid into your account after settlement.

Most offers have conditions, such as a minimum loan amount, a deposit of at least 20%, applying by a set date, or settling within a set time. Some are only for refinancing, and some only for first home buyers.

Is the cashback worth it?

Compare the whole cost of the loan, not just the cashback. On a $600,000 loan, a rate 0.10% higher costs about $600 a year, so a $3,000 cashback can be gone in five years.

Count the costs of switching too: a discharge fee from your old lender, government fees to change the mortgage, and break costs if you're on a fixed rate.

Pros

  • Cash in hand that can cover the costs of switching.
  • Paid on top of the loan's own rate and features.

Cons

  • The loan's rate may be higher than ones without cashback.
  • Conditions can rule you out, or let the lender take the money back.
  • Offers end, often with little notice.

Alternatives

  • Asking your current lender for a lower rate, which can save more than switching.
  • A loan with a lower rate and no cashback.
  • A mortgage broker, who can compare the offers for your loan size.

How to apply

Most people get pre-approval for a cashback home loan before they make offers, then full approval once they've found a home.

  • Get your documents together: payslips, bank statements showing your savings, and details of your debts and credit card limits.
  • Get pre-approval. It tells you how much you can borrow and usually lasts three to six months.
  • Find the home and sign the contract. The lender values the property before it gives full approval.
  • Check the offer's dates. Many need you to apply and settle before a set date.

What to check

  • The minimum loan amount and the dates you must apply and settle by.
  • Whether the lender can take the cashback back if you leave within a set time.
  • The rate after any discount period ends.
  • Tax. Cashback on a loan for your own home is usually not taxed, but on an investment loan it can change what you claim, so ask a tax adviser.

Questions people ask

When is the cashback paid?

Usually within a few weeks of settlement, into an account in your name. The lender's terms say when.

Is home loan cashback taxed?

On a loan for your own home it usually isn't. On an investment loan it can change what you claim, so ask a tax adviser.

Can I switch home loans later?

Yes. Refinancing to a lower rate is common. Watch for break fees on a fixed rate, discharge fees, and lenders mortgage insurance again if your deposit has fallen under 20%.