Cashback Home Loan Deals in July 2024: The landscape of home loan offers in Australia has shifted dramatically, especially when it comes to cashback deals. With fewer lenders offering these enticing incentives, it’s crucial to stay informed and make well-considered choices to secure the best possible mortgage for your situation.

Current Landscape of Cashback Deals

Decline in Cashback Home Loan Deals

The number of lenders offering cashback deals has plummeted from a peak of 35 in March 2023 to just 7 in July 2024. This significant reduction highlights the importance of vigilance and thorough comparison when seeking out these offers.

Importance of Comparing Options

Despite the decline, comparing the available cashback options remains essential. A well-chosen mortgage can provide substantial financial benefits, aligning better with your personal and financial needs.

Alternative Special Home Loan Offers

Discounted Interest Rates

In the absence of plentiful cashback deals, borrowers might turn their attention to loans with discounted interest rates. These can provide substantial savings over the life of the loan, reducing overall repayment amounts.

Waived Annual Fees

Some lenders offer home loans with waived annual fees, another excellent way to save money. This can help lower the ongoing costs associated with maintaining your mortgage.

Waived LMI

Lender’s Mortgage Insurance (LMI) can be a significant expense for borrowers with lower deposits. Some special home loan offers include waived LMI, making home ownership more accessible and affordable.

Understanding Cashback Deals

Eligibility Criteria

To qualify for cashback deals, borrowers usually need to meet specific eligibility criteria. These can include a minimum loan amount, a particular LVR, or being a new customer to the lender.

Loan Amount Requirements

Most cashback deals are tied to the total loan amount. Typically, the more substantial your loan, the higher the cashback amount you may receive, but it’s important to balance this against your ability to repay the loan comfortably.

Loan-to-Value Ratio (LVR) Considerations

The LVR is a crucial factor in determining eligibility for cashback deals. A lower LVR can increase your chances of qualifying and securing the best possible offer.

Special Offers for Frequent Flyers

Earning Frequent Flyer Points

Homeowners who are also travel lovers may appreciate a mortgage that helps them to build up frequent flyer points every year.

Qantas Money Home Loan Details

The Qantas Money Home Loan offers customers 100,000 Qantas frequent flyer points every year into your account (you must be a Qantas Frequent Flyer Member). This could be enough points for one return economy ticket from Sydney to Los Angeles, or take the family around Australia.

This offer is available for first-time buyers and refinancers with established properties (no off-the-plan homes or construction loans). The loan is also available to self-employed homeowners (eligibility criteria applies).

Reduced Lenders Mortgage Insurance (LMI)

Benefits for First Home Buyers

Most cashback offers are just for refinancers, but an alternative option sometimes offered to first home buyers is reduced or waived Lenders Mortgage Insurance (LMI).

Eligibility for LMI Waivers and Discounts

If your home deposit is less than 20%, LMI can be one of the biggest costs associated with a mortgage, alongside a deposit and stamp duty. Saving a 20% deposit can be extremely difficult, especially if you’re buying in Australia’s capital cities.

While not available from all lenders, a select few may offer to waive or discount the LMI you’re charged. You may still need to pay a minimum deposit (e.g., 15%) to benefit from an offer like this. LMI waivers are more likely to be offered to borrowers working in specialist professional fields, such as medicine, law, accounting, or engineering.

If no banks are offering waived or discounted LMI, some alternative options to consider include looking into government support from the First Home Owners Grant and/or First Home Guarantee or looking into getting help from a Guarantor.

Tips for Choosing the Best Home Loan Deal

Assessing Your Financial Needs

Before diving into the details of various home loan offers, it’s vital to assess your financial situation thoroughly. Understand your budget, future financial goals, and how different loan features align with them.

Comparing Different Lenders

Don’t settle for the first offer you come across. Compare multiple lenders to understand the range of options available, and consider consulting a mortgage broker for expert advice.

Considering Long-Term Costs and Benefits

While cashback deals and other incentives can be appealing, always consider the long-term costs and benefits. A loan with a slightly higher interest rate but substantial cashback might not be the best option in the long run.


Navigating the current landscape of home loan deals in Australia requires careful consideration and thorough comparison. While cashback deals have become rarer, alternative offers like discounted interest rates, waived annual fees, waived LMI, and special offers for frequent flyers can provide valuable savings. Always assess your financial needs, compare different options, and consider the long-term implications to find the best mortgage deal for your situation. Contact us to discuss your loan scenario here.


What are good cashback home loan deals?

Cashback home loan deals are an offer where the lender provides a cash incentive to the borrower, usually upon settlement of the loan. This cash can be used for various purposes, such as covering moving costs or offsetting loan-related expenses.

How can I qualify for cashback home loan deals?

Qualification criteria for cashback home loan deals vary by lender but generally include a minimum loan amount, a specific LVR, and sometimes being a new customer to the lender.

Are there any downsides to cashback deals?

While cashback deals can be enticing, they sometimes come with higher interest rates or other fees that could offset the immediate cash benefit. It’s essential to compare the overall cost of the loan.

What are some alternatives to cashback home loan deals?

Alternatives include loans with discounted interest rates, waived annual fees, or waived LMI. These offers can provide significant savings and may be more beneficial in the long run.

How do I compare different home loan offers?

When comparing home loan offers, consider the interest rate, fees, loan features, and any incentives like cashback. Use online comparison tools and seek advice from a mortgage broker to make an informed decision.

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