15 cashback deals and sign-up bonuses on offer

Energy providers, banks and insurers are itching to secure new business, with many offering incentives to spark your interest. Often these are in the form of cashback deals, bonus rewards points, premium rebates and even "freebies" to lure you away from your existing provider.

It's important to assess each product on its own merits. A sweet bonus upfront can mask expensive rates or fees that will end up costing you more in the long run.

Also make sure you review the details of the offers closely, including any additional eligibility criteria, conditions or exclusions that may apply.

Here's a round-up of some of the cashbacks and bonuses on offer. These were all available on 13 September and, unless specified, there was no end date. Of course, this may change.

Energy bills  

As we move into warmer months when your air con is likely to get a workout, it's worth reviewing your provider to make sure you're getting the best deal.  You might even be able to get a bonus in the form of a bill credit.

Engie Energy Perks 

The bonus: Up to $400 in bill credit 

The details: Switch to an eligible gas and electricity plan and receive up to $400 (Victoria and NSW only, $350 for South Australia, $200 for Queensland) in rebates to apply to future bills. If you have received a welcome credit from Engie Energy in the past 12 months you will not be eligible. Customers will also receive a complimentary My NRMA membership which offers various discounts including 4% off Woolworths groceries.  

1st Energy 

The bonus: Up to $275 in bill credit  

The details: Switch to an eligible electricity plan and you could receive a bill credit. The amount and timing varies based on where you live.

Victorian customers can get a $275 credit applied to their next bill issued after 11 months and a $275 credit every 12 months thereafter on the Super Saver plan.

The offer for NSW residents switching to the Super Saver plan is $250 - $125 after four months and another $125 after eight months.

If you live in Queensland you can get $150 credit on your second monthly bill on the 1st Smart Saver plan.

Tasmanian customers who opt for the 1st Plus plan could also get $150 in credits - $75 after six months and another $75 after 12 months.

AGL Netflix Plan  

The bonus: $100 sign-up credit, free Netflix and fuel discounts 

The details: Receive a free Netflix Standard subscription worth $96 per year plus $100 credit to your first bill when you switch. The credit offer is for new and moving residential customers in Victoria, NSW, Queensland and South Australia. Note if you have an existing Netflix subscription the offer will be credited once linked to the account. Also receive 6 cents off per litre at BP service stations for six months.  

Home loans  

Because home loans are often a household's largest recurring expense, even small savings can make a big difference over the long run. Keep in mind that while headline cashback offers can look impressive, the interest rate is far more important in deciding how much you pay over the life of a loan.  

IMB 

The bonus: Up to $4,000 cashback 

The details: Take out a loan for a new purchase or refinance to an eligible home loan and you could receive:  

• $2,000 cashback for loans of $350,000 to $699,999   
• $3,000 cashback for loans of $700,000 to $999,999 
• $4,000 cashback for loans greater than $1,000,000 

You need to have a loan to value ratio (LVR) of less than 80% to be eligible. Purchase loans must settle within 180 days of application and refinanced loans must settle within 90 days of application.

ANZ  

The bonus: Up to $3,000 cash back  

The details: First-home buyers are eligible for $3,000 cashback on loans greater than $250,000. Drawdown on the loan must take place within 180 days from applying to get the bonus. Alternatively, ANZ offers $2,000 cashback for refinanced loans of $250,000 or more and 80% or less LVR.

Greater Bank  

The bonus: Up to $2,500 cashback  

The details: You could score a $2,500 cashback with a refinanced owner-occupier or investment loan of $500,000 or more with an LVR of 80% or less. If you're borrowing less you don't have to miss out. You could receive $2,000 cashback for loans between $250,000 and $499,000. 

Home and contents insurance  

Home and content insurance comes in many different shapes and sizes. Take a careful look at the fine print to see what's included, in addition to considering what cover best suits your needs, before choosing a provider.  

Australian Unity  

The bonus: $200 Visa gift card 

The details: If you're an Australian Unity member, you could get a $200 Visa gift card when you take out a new home and contents insurance policy online. You'll need to use the code 'MEMBER' when purchasing your policy to receive the gift card.

Suncorp 

The bonus: Up to $100 off your quote  

The details: You can get $100 off your home and contents insurance policy when you get a quote and buy online. Alternatively, purchase either a building or contents plan and you'll receive $50 off the quote.  

Qantas

The bonus: Up to 30,000 Qantas Points

The details: You could earn Qantas points if you take out a new Qantas home insurance policy. To earn the maximum amount of 30,000 points you need to spend at least $2,000 on your home insurance. Here's a breakdown of how many points you could earn based on your annual premium.

You need to hold the policy for at least 60 days to earn the points. The points are not available on homes or for contents that have been insured by the primary policyholder through Qantas Home Insurance at any time in the previous 12 months, unless for a different address. 

The offer ends on 30 September 2024.

Health Insurance 

Like home and contents coverage, health insurance takes many forms. Review what's included, as well as any waiting periods and extras that you may or may not require.  

AIA  

The bonus: Up to $600 cashback 

The details: Take out and maintain an eligible combined hospital and extras policy and maintain continuous membership until 13 January 2025 and you'll receive $400 if you're a couple/family or $200 if you're single or a single parent. To get a further cashback, achieve AIA Vitality Silver Status (or above) plus maintain continuous membership until 1 September 2025 and you'll receive an extra $200 if you're a couple/family or $100 if you're single or a single parent.

If you want just hospital cover you could still score a $400 cashback if you're a couple/family or $200 if you're single or a single parent by maintaining continuous membership until 13 January 2025.

The offer is not available in the Northern Territory and ends on 30 September 2024.  

Medibank  

The bonus: 6 weeks free plus up to $500 in gift cards  

The details: Join and maintain an eligible Bronze (or higher) hospital or extras plan. Families and couples will be eligible for 50,000 points (25,000 for singles) in Live Better points (10,000 points = $100 gift card), which can be used to redeem various rewards including gift cards, Apple Airpods or extra limit increases. To get the offer you have to quote the promo code '6WEEKSPLUS' and set up direct debit when joining.

To receive the bonus points you must maintain the cover for 42 consecutive days, sign up to Live Better rewards and track an activity (via a wearable watch or health app) within 42 days. Medibank will also waive two and six-month waiting periods on extras. 

The offer ends on 21 November 2024.

ahm

The bonus: Up to 8 weeks free hospital & extras insurance   

The details: Sign up for a new extras or combined hospital and extras plan and you'll receive six weeks free after the first 60 days. After 12 months, receive an extra two weeks free. Plus, any two and six-month waiting periods on extras are waived (combined hospital and extras plan only).  If you join online you need to enter the promo code 'EXTRAS8WF' at the time of joining to be eligible to receive the offer. 

Credit cards  

In any given month there are a mountain of credit card promotions and offers, but before taking one of these up consider whether you need a new credit card. Be sure to check the interest rate   - especially if you don't pay it off in full each month. If you're chasing rewards such as frequent flyer points keep in mind rewards cards tend to have a higher annual fee. 

ANZ Rewards Black credit card  

The bonus: Up to $800 in gift cards and $150 credit 

The details: Spend at least $3,000 on eligible purchases in the first three months from approval and you'll receive 180,000 ANZ reward points. These points could get you an $800 digital gift card, $720 ANZ cashback or airline partner points. Plus, receive an extra $150 credited to your new card. The annual fee is $375. 

Citi Premier card 

The bonus: Up to $800 in reward dollars

The details: Spend at least $7,000 on eligible purchases in the first three months from approval and receive 150,000 Citi reward points. You also receive an additional 50,000 points once the account has been active for 12 months. Combined this equals $800 in value when you use Citi's "Pay with Points".  

The annual fee is $150 in the first year and every year afterwards if you spend a minimum of $48,000 on eligible purchases and cash advances in each 12-month period. If you don't meet the minimum spending limit the fee will be $300.

Suncorp Clear Options Platinum credit card 

The bonus: Up to $600 in eVouchers  

The details: Spend at least $4,500 on eligible purchases in the first three months from approval and you'll receive 140,000 Suncorp reward points - enough for $600 in eVouchers. The annual fee is $129. 

What to watch out for

As we've mentioned throughout the list, it's important to ensure you're receiving a great deal irrespective of the sign-up offer. The devil is typically in the fine print, so review the terms and conditions thoroughly. Common pitfalls and traps include:  

• Signing up purely for the bonus, when the product isn't suitable or required. 
• Not accounting for fees or higher interest rates.
• Lock up periods that limit your flexibility.
• Forgetting to account for eligibility requirements to redeem bonus rewards.

It's also worth going back to your existing vendor with the sign-up deal to see if they will match it. Often they will, or at least offer an alternative which saves the hassle and uncertainty of changing providers