Home loan sales can include the likes of 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 can be attractive for some customers who are on the lookout for a home loan, it may not be worth signing up for a particular product solely for a special deal. The fundamental aspects of the loan, such as interest rate, fees and features, are still important considerations.
Canstar’s Home Loan Star Ratings can help you get an overall picture of which home loans may offer you good value. We’ve listed some of the top-rated loans on our database below, and then rounded up some of the special offers available from a range of providers.
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $350K in NSW with an LVR of 80% of the property value.
Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products.
*Comparison rate based on loan amount of $150,000 and a term of 25 years. Read the Comparison Rate Warning.
The tables below display some of the home loan sales and promotions in Australia that caught our eye at the time of writing. These tables are divided into two – cashback offers and other kinds of offers, such as reduced fees, interest rates and free rewards points.
Home loan cashback sales and promotions
Cashback offers typically involve a bank or other kind of lender offering you an incentive to take out one of its 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.
Here’s a selection of home loan providers that are offering some form of cashback offer or rebate at the time of writing.
Home loan cashback sales and promotions
|ANZ||Get up to a $1,000 rebate on your conveyancing costs if you’re an eligible first home buyer (including recipients of State or Territory government first home buyer concessions).||Only available for home loans of $250,000 or more. Apply between 1 October 2020 and 31 July 2021. T&Cs apply.||31/07/2021|
|Bank of Melbourne||Get up to a $4,000 refinance cashback.||$2,000 refinance cashback per property for new eligible refinance applications. Plus, $2,000 bonus refinance cashback for eligible new refinance applications with a maximum loan-to-value ratio (LVR) of 80%. Apply by 31 January and settle by 31 March 2021. For new owner occupier loans with principal and interest repayments and investment loans. Offers available on Advantage Package and Basic home loans. $395 annual package fee. $250k minimum loan per property refinanced. Excludes Portfolio Loans, switches and refinances from within Westpac Group. T&Cs apply.||31/01/2021|
|BankSA||Get up to a $4,000 refinance cashback.||$2,000 refinance cashback for new eligible refinance applications. Plus, $2,000 bonus refinance cashback for eligible new refinance applications with a maximum LVR of 80%. Offers available on owner occupier loans with principal and interest repayments and investment loans. Applies to Advantage Package and Basic home loans. Apply by 31 January and settle by 31 March 2021. $395 annual package fee. $250k minimum loan per property refinanced. Excludes Portfolio Loans, switches and refinances from within Westpac Group. T&Cs apply.||31/01/2021|
|Bank of Queensland (BOQ)||Get $3,000 cashback when you refinance to a BOQ home loan.||Available on eligible owner-occupier and investor home loans of $250,000 or more and up to 80% LVR, refinanced to BOQ from another bank. Applications must be received between 12 October 2020 and 29 November 2020 and loan must be settled by 28 February 2021. T&Cs apply.||29/11/2020|
|Commonwealth Bank||Get a $2,000 refinance cashback.||Available for owner occupied (principal and interest), investment loans and Viridian lines of credit. Minimum refinance amount of $250k applies. Applications must be received by 31 October 2020 and loan funded by 31 December 2020. T&Cs apply.||31/10/2020|
|NAB||Get a $2,000 refinance cashback.||Available when you refinance an existing loan of $250,000 or more and have a NAB transaction account at the time of drawdown before 31 January 2020. Offer applies to individual applicants who are owner-occupiers or investors, and excludes refinances of First Home Loan Deposit Scheme loans, non-residents, businesses, trusts and other non-natural persons. T&Cs apply.||31/01/2021|
|Newcastle Permanent||Get a $2,000 refinance cashback for switching your home loan from another financial institution.||Available for both owner occupied and investment home loans. Minimum loan size of $250,000, and maximum LVR of 80%. Applications must be made by 30 November 2020 and loan must be funded by 31 January 2021. T&Cs apply.||30/11/2020|
|RAMS||Get a $2,000 cashback when you refinance your home loan to a new RAMS Home Loan, or take out a new home loan with the lender.||On selected loans with a minimum amount of $250k only. Refinance offer excludes Line of Credit Loans, switches and refinances from within Westpac Group. Available on eligible applications received before 31 January 2021, and settled by 31 March 2021. Refinance offer is not available in conjunction with the New Purchase Buyer $2,000 Rebate, with separate T&Cs and eligibility requirements applying for both offers.||31/01/2021|
|St.George Bank||Get up to a $4,000 refinance cashback.||$2,000 refinance cashback for new refinance applications. Plus $2,000 bonus refinance cashback for a new refinance application with maximum LVR of 80%. For new owner occupier loans with principal and interest repayments and investment loans. Available on Advantage Package and Basic home loans. Apply by 31 January and settle by 31 March 2021. $395 annual package fee. $250k minimum loan per property refinanced. Excludes Portfolio Loans, switches and refinances from within Westpac Group. T&Cs apply.||31/01/2021|
|Suncorp||Get $2,000 or $3,000 cashback when you refinance your home loan with Suncorp, and an additional $1000 for eligible frontline workers.||Get $2,000 cashback when you refinance between $250k and $749,999.99 with an LVR of 90% or less, or get $3,000 cashback when you refinance $750,000 or more with an LVR of 90% or less. Receive an extra $1,000 cashback if you work as a teacher, health worker, or in another eligible occupation. T&Cs apply.||18/12/2020|
|Virgin Money||Get $3,000 cashback when you refinance with a Virgin Money Reward Me Home Loan.||Available on new refinance applications received between 12 October 2020 and 29 November 2020 for eligible new fixed rate owner occupied principal and interest refinance loans settled by 28 February 2020. Minimum loan amount $300,000 and up to 80% LVR. Not available for refinancing or restructuring existing Virgin Money home loans. T&Cs apply.||29/11/2020|
|Westpac||Get up to a $3,000 refinance cashback.||$2,000 per refinanced property and a bonus $1,000 for borrower’s first application received up to 31 January 2021 and settled by 31 March 2021.Available on owner occupier loans with principal and interest repayments and investment loans, with a LVR up to 80% and minimum $250,000 loan per property. Only available on Westpac’s Flexi First Option or packaged home loans ($395 annual package fee). Excludes portfolio loans, switches and refinances of home loans within Westpac Group. T&Cs apply.||31/01/2021|
Other sales and promotions – rewards points, reduced rates, and lower fees
The following home loan offers allow the customer to take advantage of various other bonuses, such as lower interest rates (fixed and variable), reduced or waived fees and bonus rewards points in some cases.
Other sales and promotions – reduced rates, fees and free rewards points
|Beyond Bank||No upfront or ongoing fees (save over $500) on Special Low Rate Variable Home Loan.||New owner occupied home loans of at least $150,000 with a maximum LVR of 80%. Other fees and T&Cs may apply.||Until further notice.|
|Gateway Bank||Get an extra 0.10% p.a. in interest on term deposit accounts when you take out a Premium Package Variable Home Loan.||Available on Premium Package Home Loan Fixed, as well as Premium Package Home Loan, for owner occupiers and investors. Fees and T&Cs may apply.||Until further notice.|
|ING||Split your loan between an Orange Advantage home loan and a Fixed Rate home loan and get the $499 Fixed Rate home loan application fee waived. For owner occupier borrowers, 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, max LVR limits may apply. Other T&Cs may apply.||Until further notice.|
|loans.com.au||Receive a $5,000 limit Visa Debit Card with 0% interest for the life of the loan when you take out the ZIP Home Loan.||ZIP Home Loan available for owner occupied loans, up to 80% LVR with principal and interest repayments only. ZIP Home Loan Visa Debit Card has maximum limit of $5,000, and cannot be used as part of loan settlement. Other T&Cs may apply.||Until further notice.|
|Newcastle Permanent||Interest rate discounts on Real Deal Home Loan. Get a 1.26% discount when your LVR is 80% or less, or a 0.86% discount when your LVR is 81–94%.||Available for new owner occupied home loans of $150,000 or more with principal and interest repayments. Other T&Cs may apply.||Until further notice|
Consider comparing different home loans before committing
Ultimately, it may not be worth picking a lender and its product just because the sign-up offer looks good. After all, a $1,000 bonus when you take out your loan may not ultimately prove to be good value if you are paying an interest rate that’s higher than you could find elsewhere.
It could be a good idea 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.
Through our Home Loan Star Ratings, Canstar assesses thousands of mortgages from more than 100 providers across Australia, to help you compare home loans and find an outstanding value loan to suit your needs.