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Updated: Spring Home Loan Sales, Promotions And Incentives - October 2018

Co-author: James Hurwood 

We’ve found a number of home loan sign up incentives on the market in Spring 2018.

Spring is usually a busy time for the buying and selling of property, causing high levels of competition in the market. During the spring sales season, many home loan lenders offer special sign-up deals as they compete with other lenders.

According to Steve Mickenbecker, Canstar’s Group Executive of Financial Services, borrowers can consider using this to their advantage.

“Lenders have run spring home loan campaigns for many years now to align with the boom time for property sales. There has been a belief that winter is a poor time to sell houses and therefore a shortage of stock on the market,” he said.

“So, when the footy finals are over, the banks invest in marketing and freshen up their pricing to attract their share of the larger number of borrowers in the market.”

Home loan sales can include things like discounted interest rates, promotional introductory interest rates, and sign-up incentives such as cashback offers, rewards for switching, gift vouchers, and more. While these offers are attractive, it may not be worth signing up for a particular home loan solely for a special deal. The fundamental aspects of the loan (such as interest rate, fees, features etc.) are still important considerations. Canstar’s Home Loan Star Ratings can help you see which home loans offer good value.

We’ve had a comprehensive look at Australian home loan providers to see what kind of offers are currently available.

The tables below display some of the home loan sales and promotions in Australia that caught our eye at the time of writing (October 16 2018). These tables are divided into two – cashback offers and every other kind of offer, such as reduced fees, interest rates and free rewards points.

Compare Home Loans

Home loan cashback sales & promotions

Cashback offers involve a bank or other kind of lender offering you an incentive to take out one of their products. You may receive this in cash, or it can be taken out of the fees you’d otherwise be charged. You may also receive it in the form of gift cards for certain stores or brands.

At the time of writing, Canstar found the following home loan providers that are currently offering some form of cashback offer or rebate.

Home loan cashback sales & promotions
Lender Deal Conditions Expiry
Bank of Melbourne Get $2,000 cashback when you refinance, or $1,250 cashback when you purchase a new home Loan application must be settled by 31 December for refinancing, and by 28 February for new home purchases. 31/12/2019
BankSA Get $2,000 cashback when you refinance, or $1,250 cashback when you purchase a new home Loan application must be settled by 31 December 2018 for refinancing, and by 28 February 2019 for new home purchases. 31/12/2018
St.George Bank Get $2,000 cashback when you refinance, or $1,250 cashback when you purchase a new home Loan application must be settled by 31 December 2018 for refinancing, and by 28 February 2019 for new home purchases. 31/12/2018
Westpac $1,250 rebate for switching Rebate available on new home loan applications for refinancing purposes and taken as part of the Premier Advantage Package with a minimum loan size of $150,000. Annual Package fee of $395 & terms and conditions apply. Until further notice.
Source: Providers’ websites as analysed by Canstar Editorial team. Based on advertised online promotions. Please note that conditions and exclusions may apply to these offers. Read all terms and conditions provided by the relevant institution.


The table below provides a snapshot of home loans offered by some of these providers, sorted by current rate (lowest-highest) then by provider name (A-Z). These results are based on a variable rate P&I loan in NSW for a loan amount of $350,000. Before committing to any particular product, check upfront with the provider to confirm the details of the product and whether it meets your needs.*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning.


Other sales & promotions – reduced rates, fees and rewards points

The following home loan offers allow the customer to take advantage of various other bonuses, such as lower interest rates (fixed and variable), minimal to no fees and even bonus rewards points to spend how you please.

 

Other sales & promotions – reduced rates, fees and free rewards points
Lender Deal Conditions Expiry
ANZ Waive loan approval fee and discount on advertised rate Must be borrowing at least $50,000. Until further notice.
Bank of Sydney Expect More Residential Variable, plus 1,2,3 & 5 year Fixed: Annual package fee waived for the life of the loan, plus discount for life of loan after fixed rate period for fixed products. LVR up to 70%, minimum 1 year in same line of employment, principal & Interest repayments, property situated in Metro postcodes only (excluding NT, WA & TAS). Restrictions apply for properties located in Queensland Until further notice.
Beyond Bank No upfront or ongoing fees on Special Low Rate Variable Home Loan.
Gateway Credit Union Discounted rate on the Variable Premium Package Home Loan. Available for new loans of $150,000 or more and top-ups of $50,000 or more on owner-occupier loans with a loan to value ratio of less than 80% with principal and interest repayments. Terms and conditions apply. Until further notice.
ING Combine your Orange Advantage home loan with a Fixed Rate home loan and get the $499 Fixed Rate home loan application fee waived, and for owner occupier borrowings you’ll receive a fixed interest rate discount of 0.10% p.a. off the advertised fixed rates. In the case of owner-occupier borrowing, only available when the LVR is 80% or less Until further notice.
loans.com.au Discounted investment rate on Smart Loan Package Package your owner-occupied loan with investment loan and receive a discounted investment rate. Until further notice.
Macquarie Bank Earn up to $250,000 Qantas Points with the Basic Flyer Home Loan.  Only applies for new loans when you borrow up to 70% of the properties value with a principal and interest repayment. Terms and conditions apply, points staggered over the life of the loan. Until further notice.
Newcastle Permanent Premium Plus Package home loan: $0 application fee for personal and car loans, $0 annual Value+ credit card fee, and 100% offset facility. Must be an existing borrower. Must increase home loan amount by $150,000 or more. Terms and conditions apply. Until further notice.
Northern Inland CU Discounted rate on Visa Classic Credit card for life of loan with selected home loan products Home Loan Rewards Visa Classic Credit Card discounted rate applies for the life of the Home Loan, when loan and credit facility are not in arrears. Northern Inland reserves the right to withdraw, extend or vary this offer. Until further notice
QBANK $900 establishment costs waived. Applies to owner-occupied loans only. Customers will save up to $900 off standard QBANK, valuation, and mortgagee legal fees. Terms and conditions apply. Until further notice.
Suncorp Bank Discounted interest rate on the loan, pay $0 loan establishment fee and $0 monthly account keeping fees. You must pay an annual package fee, hold an Everyday Options Account and have a total customer exposure or approved credit limit of $150,000 or more. Terms and conditions apply. Until further notice.
Virgin Money  Earn velocity points. Earn:

  • 20,000 Velocity Points for every $100,000 drawn at settlement
  • 100,000 points after settlement
  • 30,000 points every 3rd-year anniversary of the loan

Terms and conditions apply.

Until further notice
Source: Providers’ websites as analysed by Canstar Editorial team. Based on advertised online promotions. Please note that conditions and exclusions may apply to these offers. Read all terms and conditions provided by the relevant institution.

The table below provides a snapshot of home loans offered by some of these providers, sorted by current rate (lowest-highest) then by provider name (A-Z). These results are based on a variable rate P&I loan in NSW for a loan amount of $350,000. Before committing to any particular product, check upfront with the provider to confirm the details of the product and whether it meets your needs. Read the Comparison Rate Warning.

Low comparison rates in 2018

We’ve put together a general list of the top 5 mortgage products by interest rates for the following types of loans:

  • Standard variable home loans
  • 1-year fixed home loans
  • 3-year fixed home loans
  • 5-year fixed home loans

To view these products, read the article here.

Consider comparing different home loans

Ultimately, it may not be worth it to pick a lender and their product because the sign-up offer looks good. After all, a $1,000 bonus when you take out your loan may soon fade away if you are paying an interest rate that’s higher than you could find elsewhere.

Aim to do your own research, compare different home loan products and lenders, and decide which home loan is best for you based on what you need, even if it doesn’t have a sign-up offer attached.

Canstar compares thousands of home loan products from over 100 different lenders around Australia.

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