Several major banks, such as NAB and Westpac, have ended their cashback offers, leaving ANZ as the only member of the big four banks still providing this incentive. Currently, only the lenders marked in red still offer cash rebate benefits. Earlier this year, the Commonwealth Bank, Australia’s largest lender, stopped offering cash incentives for new mortgage customers, marking the end of a period of intense competition.
Crucially, the loan rate would need to be attractive, and some lenders may also require borrowers to open a linked transaction account, further tying them to the bank.
While cashback offers are typically used to entice borrowers to switch lenders, some banks also extend these deals to customers threatening to leave. These offers are generally available for loans larger than $250,000 with a maximum loan-to-value ratio of 80% and are not typically offered for new mortgages.
The rapid rise in interest rates and the sharp increase in repayments for those coming off fixed-rate loans are making refinancing more difficult for borrowers, who could not have anticipated such a steep increase over a short period.
Some brokers recommend carefully examining the details of cashback offers, as they can be a promotional tool used to hide uncompetitive features of a loan. However, at All Seasons Finance, our brokers will use the information you provide to find the most suitable financial solutions for you.
Chinese 
English