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Cashback promos quietly return as battle for home loans intensifies

Lucas Baird
Lucas BairdReporter

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The country’s largest lenders are quietly offering thousands of dollars in upfront cash to win and keep home loan customers, revisiting a period of intense competition and shrinking margins.

The major banks – except for ANZ – ended cashback promotions last year after a crunch in profits, with Commonwealth Bank chief executive Matt Comyn warning at the time the country’s largest lender was writing home loans below the cost of capital.

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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/mortgage-cashbacks-are-making-a-quiet-comeback-20240918-p5kbj3