Home loan cashback deals up to $6,000 for April 2022 – RateCity

Home loan interest rates are forecast to rise with an inevitable cash rate hike this year, but lenders have been hiking their rates for months in preparation.

This means it’s never been more important for home buyers and refinancers to ensure they’re getting the best deal for their mortgage.

Cashback deals are one of the competitive options available that some homeowners may want to prioritise in their comparison, as they can sweeten the deal. And they don’t just come in the form of cash-in-hand, with waived Lender’s Mortgage Insurance and bonus Qantas frequent flyer points up for grabs for eligible customers.

Let’s explore the cashback deals for home loans on offer for April 2022.

What deals are on offer this month?

  • Cashback deals

Cashback deals can range between $1,000 – $6,000 depending on the size of your mortgage and what the lender is offering. They may be provided in the form of cash in your account, a reduction on your mortgage or as a gift card.

This month, RateCity’s database shows that there are 26 lenders offering cashback deals, including the big four banks. The majority of cashback offers are for refinancers.

Lender Cashback Lowest variable home loan rate Available for
AMP Bank

$3,000

2.22%

New purchases
BankSA

$4,000

2.09%

Refinance
St. George 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 (via 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
Virgin Money

$3,000

2.09%

Refinance
Bank of China

$3,000

2.08%

Refinance
Citi (via broker)

Up to $6,000

1.99%

Refinance
ING

$3,000

2.09%

Refinance
ME Bank

$3,000

2.04%

Refinance
Suncorp

$3,000

1.94%

Refinance
Credit Union SA

$2,500

2.44%

New loans & refinance
Defence Bank

$2,500

2.19%

Refinance
Bankwest

$2,000

2.99%

Refinance
CBA

$2,000

2.19%

Refinance
Newcastle Permanent

$2,000

2.22%

Refinance
NAB

$2,000

2.19%

Refinance
Heritage Bank

Up to $4,000

2.15%

New loans & refinance
BankVic

$1,500

1.95% for 2 years, then 3.11%

Refinance
Reduce Home Loans

various

2.09%

New loans & refinance
bcu

up to $5000

2.19%

New loans & refinance

Source: RateCity.com.au. Data accurate as of 05/04/2022.

  • Reduced Lender’s Mortgage Insurance

With many cashback offers benefiting refinancers only, there are separate perks first home buyers may be eligible for in April.

Several lenders are also offering their customers a reduced Lender’s Mortgage Insurance (LMI) deal. Homebuyers that have a deposit less than 20% of the property value will typically be charged LMI. This can climb into the tens of thousands of dollars range, depending on the value of your property.

Waiving this cost may be one option to reduce the financial stress of home ownership for first home buyers.

Lenders waiving LMI:

  • For St.George customers, the offer of $1 LMI is available to eligible first home buyers with a 15% deposit, looking for an owner-occupier home loan, and planning on making principal and interest repayments.
  • For BOQ customers, the $1 LMI offer is available to both owner-occupier and investor first home buyers planning on making principal and interest repayments. Approval is limited to deposits as little as 15% on eligible home loans valued up to $1 million.
  • For UBank customers, you may be able to gain loan approval with a loan-to-value ratio (LVR) of only 85% without paying LMI.
  • For 86 400 customers, you may be able to gain loan approval with a loan-to-value ratio (LVR) of only 85% without paying LMI.
  • Qantas frequent flyer 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 currently offer a home loan sign-up deal that rewards borrowers with Qantas Points. These points may be available at the time of approval or released over your loan term. Plus, you won’t need to spend on eligible purchases to earn these reward points bonuses.

Lender Qantas Frequent flyer (QFF) points bonus Interest rate Comparison rate Offer
Macquarie Bank Basic Flyer Home Loan Up to 170,000 QFF points when you borrow $600k 2.19% 2.19% 10k QFF points for every $100k loan drawn, 1000 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% 200k QFF points when you apply for a new Qantas Points Home Loan between 01/04/22-30/06/22 and settle 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 a deal being offered to you, and it’s always important to compare the interest rates, fees, and features of a loan before applying.

For more information on whether one of the above loans may suit your finances, consider using our Home Loan Calculator to see how potential repayments could fit in your budget.

Recent Articles

Related Stories

Stay on op - Ge the daily news in your inbox