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ING joins CBA, NAB and Westpac in axing cashback deal

ING is ending its $3,000 cashback offer for home loan refinancers.

ING Australia
ING is the latest bank to dump its cashback offer for home loan refinancers. (Source: Getty)

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.

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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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