Yahoo Finance ING joins CBA, NAB and Westpac in axing cashback deal
ING is ending its $3,000 cashback offer for home loan refinancers.
ING is the latest bank to scrap its cashback offer for home loan refinancers, following similar decisions from CBA, NAB and Westpac.
ING will be ending its $3,000 cashback offer on June 30. CBA will be winding back its $2,000 offer tomorrow, while NAB and Westpac will end their $2,000 and $3,500 offers on June 30.
Of the Big Four banks, ANZ is now the only one to still offer a cashback deal to lure in new customers.
Also read: Westpac joins CBA and NAB in dumping cashback, hiking rates
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Also read: CBA, Westpac, ANZ and NAB hit customers with rate hikes
RateCity research found there were 30 lenders currently offering cashback incentives to new home loan customers, however this number was set to drop to 25 at the end of June.
“Cashback deals are dropping like flies, with ING the latest lender to say ‘adios’ to this contentious perk,” RateCity research director Sally Tindall said.
“The current market churn is putting pressure on the banks’ profit margins. This is a collective call for calm from some of the nation’s biggest lenders.”
Despite the major banks’ moves, Tindall said there were still plenty of smaller lenders with sizeable cashback offers on the table.
“Borrowers intending to refinance have not missed the boat, however, they may need to look beyond Australia’s largest banks if they want the most competitive deals,” she said.
Which lenders are offering cashback?
The highest cashback offer is currently from Reduce Home Loans at $10,000, according to RateCity. However, this offer is only for loans of more than $2 million and is not available on the lender’s lowest-rate home loan.
Here’s the full list of cashback offers:
AMP - $4,000
ANZ - $2,000-$4,000
Bank of China - $2,000-$4,288
Bank of Melbourne - $4,000
Bank of Queensland - $3,000
BankSA - $4,000
Bankwest - $2,000 (ends May 31)
bcu - $4,000
CBA - - $2,000 (ends May 31)
Defence Bank - $2,000-$4,000
Geelong Bank - $2,000
Greater Bank - $3,000-$4,000
Heritage Bank - $2,000-$5,000
HSBC - $3,288
imb bank - $2,000-$4,000
ING - $3,000 (ends June 30)
loans.com.au - $2,000-$4,000
ME Bank - $2,000-$4,000
NAB - $2,000 (ends June 30)
Newcastle Permanent - $2,000-$3,000
P&N Bank - $3,000
People's Choice - $5,000
RACQ - $2,000
RAMS - $4,000
Reduce Home Loans - $2,000-$10,000
Regional Australia Bank - $3,000-$4,000
St. George Bank - $4,000
Summerland Credit Union - $2,000-$3,000
Suncorp Bank - $3,000
Westpac - $3,500 (ends June 30)
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