From August 26, 2023, ANZ, Australia’s third-largest bank, will halve its cashback offer for eligible home loans refinanced to the bank, from the current $4,000 to $2,000. The bank will also restrict the cashback offer to loans with an LVR of 80% or less.
ANZ’s decision to change its cashback offer is the wake of the move by Commonwealth Bank to end its $2,000 cashback offer effective June 1, followed by other major banks, NAB and Westpac, both of which have since removed their cashback offers.
In a statement provided to MPA, an ANZ spokesperson said that the bank’s decision to change its cashback offer was based on a range of factors, including “competitive pressures.”
The bank has not commented on whether it will withdraw its cashback completely, other than to clarify that it “regularly reviews” the offers it provides on home loans and other products.
“ANZ has decided to change the offer having regard to a range of factors, including business performance, cost of campaigns, financial returns, and competitive pressures,” the ANZ spokesperson said.
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- Source: https://www.mpamag.com/au/news/general/is-competition-driving-the-drop-in-cashbacks/456354
