Breaking Down ANZ’s 1.5 Percent Cashback Offer: Who It Helps and Who Should Be Cautious

ANZ’s New Cashback: What’s Actually on the Table

ANZ has put a serious offer into the market: a 1.5 percent cashback on new home lending, capped at $30,000. It’s a strong number compared to the typical 0.5 to 1 percent seen across most lenders. But it’s also wrapped tightly in conditions, timelines, and behavioural requirements that borrowers need to understand before jumping in.

This is not a casual freebie. It’s a targeted acquisition strategy designed to capture long term customers. Whether you benefit or get burned depends entirely on how well the offer aligns with your next three years.

Who Actually Qualifies

The eligibility criteria are tight, and they rule out a lot of borrowers straight away. To qualify, you need to take out a completely new ANZ home loan of $200,000 or more, have at least 20 percent equity, and provide new residential security — meaning the property can’t be one already tied to an ANZ loan. The loan must be documented between 18 November and 16 December 2025, and the cashback is only paid once the loan actually draws down.

Existing ANZ customers looking to restructure, top up, or simply refix do not qualify. This offer is strictly for new lending.

The Timing Rules Are Tight

The offer has a narrow activation window, loans documented before 18 November are ineligible and the offer ends 16 December. And the cashback is only paid at drawdown. If your pre approval or property timeline drifts, you could miss the entire opportunity. This is designed for buyers who are committing now, not those browsing or waiting for the perfect listing.

The Part Most Borrowers Miss: The Three Year Handcuffs

Now to the real catch. To keep the cashback, you must keep your entire banking relationship with ANZ for a minimum of three years. That means all home loans, all banking, and your salary or main income being deposited into ANZ. If you refinance, restructure externally, sell, or break the banking conditions in those three years, ANZ can claw back the full cashback. Not a portion. The entire amount.

This is the single most important detail and the one most likely to be glossed over by excited buyers. You should only take this offer if you are very confident you will stay put: same bank, same lending, same banking setup, same property - for the full three years.

So Is the Cashback Worth It?

For the right borrower, yes. If you have predictable income, are buying a long term home, and were planning to bank with ANZ anyway, then 1.5 percent back on settlement is real money. A $600k mortgage would return $9,000. High value lending can reach the $30,000 cap.

But the value disappears instantly if there’s any chance you’ll refinance in the next three years, sell, change jobs, or want flexibility to switch banks for sharper rates. Taking this cashback is effectively signing a three year commitment to ANZ regardless of how the market moves. Rates fall? Doesn’t matter. Another bank offers a better structure? Doesn’t matter. You’re locked in unless you repay the bonus.

The Borrower Profile This Offer Suits Best

This offer works best for borrowers with strong equity, stable income, long term plans, and a preference for stability over incremental rate improvements. It suits buyers who are not planning renovations requiring refinancing, not planning to restructure across multiple banks, and not expecting major life or employment changes.

If that’s you, the cashback is effectively guaranteed money. If that’s not you, proceed carefully.

Before You Commit, Ask These Questions

A bank offer should never be accepted without interrogation. Ask ANZ directly:

• what scenarios trigger the clawback

• whether the cashback is tied to specific rate specials

• whether package requirements apply

• how internal restructures are treated

• whether lump sums or changes to repayment type affect eligibility.

Get everything in writing. Clarity now prevents expensive surprises later.

Our Take: Attractive Headline, High Commitment

ANZ’s 1.5 percent cashback is one of the most compelling headline offers in the market right now. But the commitment required is equally significant. Borrowers who know they’ll stay three years will find the value obvious. Everyone else should slow down and model the decision properly.

Cashback is not a substitute for a competitive interest rate or a loan structure built around your goals. If you want help running the numbers, comparing lender incentives, or modelling your three year position, our team can show you exactly where the value is and where it isn’t. Get in touch with our advisors today.