Commonwealth Bank puts an end to its cashback offer

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.

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Refinancing

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Variable Home Loan P&I <90%	5.29% p.a.	5.33% p.a.	$2,773	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application.	Go to site	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.19% p.a.	5.10% p.a.	$2,742	Principal & Interest	Variable			$0	$0	80%				Built and funded by CommBank Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw More details	A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.	Go to site	Compare		Disclosure
loans.com.au	loans.com.au Variable Home Loan with Offset P&I <90%	5.39% p.a.	5.43% p.a.	$2,805	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Offset Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Quick and easy online application process.	Go to site	Compare	Promoted	Disclosure