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CommBank announced that it will be ceasing to offer cashback rewards to new borrowers.

In an exclusive report from the AFR, a CommBank spokesperson said the bank will be retracting its $2,000 cashback offer starting June 2023.

A spokesperson from the bank said the move was in response to feedback concerning improving the simplicity of loan terms.

Despite the removal of the cashback offer, the spokesperson said the bank will continue to offer a wide range of flexible home loans with competitive rates.

Meanwhile, Cheddar, a cashback app by Commonwealth Bank's entity x15 ventures, recently announced the end of its offers.

The app, which uses artificial intelligence to deliver personalised brands, content, deals, and cashback offers, is no longer processing new purchase transactions since 5 May 2023. However, users can still withdraw available cashback balances at any time up to 31 August 2023.

In a recent episode of Savings Tip Jar podcast, WLTH CEO Brodie Haupt shared his insights about cashback offers, saying that for major banks, they are failing to understand that the cost of acquisition for a customer have become “quite lazy”.

“Rather than trying to invest in education to their borrowers and customers, they've got to look for retention,” he said.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Rates
Features
Fees
Other
Lender
Variable
More details
Online ExclusiveUp to $4k cashbackINCLUDES NOV RBA RATE INCREASE
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp to $4k cashbackINCLUDES NOV RBA RATE INCREASE

Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
Variable
More details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMEYM. (T&Cs apply)

Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMEYM. (T&Cs apply)
More details
Variable
More details

Variable Rate Home Loan – Refinance Only

    More details
    • Immediate cashback upon settlement
    • $2000 for loans up to $700,000
    • $4000 for loans over $700,000

    More details
    Important Information and Comparison Rate Warning

    Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 8, 2023.

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