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 every other kind of offer, 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.
Canstar found the following 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 a rebate of up to $1,000 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. Must apply by 30 September 2020 and draw down loan funds by 31 December 2020. Eligibility criteria and T&Cs apply.||30/09/20|
|Bank of Melbourne||Get $2,000 cashback when you refinance with selected Bank of Melbourne home loans, or $3,000 if you apply to refinance online and are an eligible||$2000 cashback offer is for new owner occupier loans with principal and interest repayments and investment loans. Available on Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes Portfolio Loans, switches and refinances from within Westpac Group. Applications must be received by 30 September 2020 and loan settled by 30 November 2020. One $1,000 Bonus Refinance Cashback offer is available for owner occupier with principal and interest repayments and investment loans with a maximum LVR of 80%. T&Cs apply.||30/09/2020|
|BankSA||Get $2,000 cashback when you refinance your home loan with BankSA, or $3,000 if you apply online as a new owner-occupier.||For new owner occupier loans with principal and interest repayments and Investment loans. Available on Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes Portfolio Loans, switches and refinances from within Westpac Group. Applications must be received by 30 September 2020 and loan settled by 30 November 2020. T&Cs apply.||30/09/2020|
|Commonwealth Bank||Get $2,000 cashback when you refinance your eligible home loan with CommBank.||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|
|Newcastle Permanent||Get $2,000 cashback when you refinance your eligible home loan with Newcastle Permanent.||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 $2,000 cashback when you refinance your home loan to a new RAMS Home Loan.||On selected loans with a minimum amount of $250k only. Excludes Line of Credit Loans, switches and refinances from within Westpac Group. Available on eligible applications received between 1 July 2020 and 30 September 2020 and settled by 30 November 2020. Check with RAMS for full T&Cs.||30/09/2020|
|St.George Bank||Get $2,000 cashback when you refinance your home loan with St. George Bank, or $3,000 if you apply online as a new owner-occupier.||For new owner occupier loans with principal and interest repayments and investment loans. Available on Advantage Package and Basic home loans. $395 annual package fee. $250k min loan per property refinanced. Excludes Portfolio Loans, switches and refinances from within Westpac Group. Applications must be received by 30 September 2020 and loan settled by 30 November 2020. T&Cs apply.||30/09/2020|
|Suncorp||Get up to $4,000 cashback when you refinance your home loan with Suncorp.||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’re a teacher, health worker, or another eligible occupation. Must apply by 30 September and settle by 29 December. T&Cs apply.||30/09/2020|
|Virgin Money||Get $2,500 cashback when you refinance with a Virgin Money Reward Me Home Loan.||Available on new refinance applications received between 29 August 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% loan-to-value ratio. Not available for interest only lending or refinancing or restructuring existing Virgin Money home loans. Check with Virgin Money for full T&Cs.||29/11/2020|
|Westpac||Get $2,000 cashback when you refinance your home loan with Westpac.||Available on Premier Advantage Package and Flexi First Option loans. $250K min loan per property. $395 annual package fee applies. Must apply by 30 September 2020 and settle by 30 November 2020. Excludes switches and refinances of home loans within Westpac Group. T&Cs apply.||30/09/2020|
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 T&Cs may apply.||Until further notice.|
|Gateway Bank||Get a discounted rate on the Premium Package Variable Home Loan, with an extra 0.10% p.a. in interest on term deposit accounts.||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. Approved loans must be funded within 12 weeks of the application date. Other 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||Get either a 1.26% or 0.86% discount on the Real Deal Home Loan interest rate when you meet one of the LVR requirements. The discount you receive will depend on whether your LVR is 80% or less or 81–94% respectively.||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.|
|QBANK||Discounted rate for new loans when you set up a monthly salary credit on selected products. Plus, save up to $700 on upfront fees, and get an optional 20% off a new QBE home insurance policy for the first year.||Discounted rate applies to Classic Home Loan applications for more than $150,000. Customers must deposit a salary credit of at least $1,500 a month into a QBANK transaction account. Upfront fees deal applies to owner-occupied loans only. Other T&Cs may apply.||Until further notice.|
Consider comparing different home loans before committing
Ultimately, it may not be worth it to pick a lender and its product 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.
Canstar compares thousands of home loan products from over 100 different lenders around Australia.