Cashback offers for refinancers - detailed comparison
Queensland Country Bank — $4,000 cashback
- Min loan amount: $300,000
- LVR requirement: Must be above 80% (with LMI or Housing Australia scheme eligibility)
- Cashback conditions: Available for new purchase or refinance applications for the Ultimate Home Loan Package received from 4 August 2025 until the offer is withdrawn, and which settle within 60 days of application. Owner-occupier (P&I only) and investor loans (P&I or interest-only) are eligible. Applicants must be Australian permanent residents aged 18+ with a linked Queensland Country transaction account at settlement. Not available with other Queensland Country offers or if a cashback or rebate has been received in the past 12 months.
Pros
- Generous $4,000 cashback amount
- Available for both purchase and refinance loans
- Open to borrowers with high LVR loans (above 80%) if LMI or scheme applies
Cons
- Only available on the Ultimate Home Loan Package (annual fee applies)
- Potentially incentivises low-deposit loans, which may not be a great idea for all borrowers
IMB Bank — $2,000 - $4,000 cashback
- Min loan amount: $250,000
- Max LVR: 80%
- Cashback conditions: New South Wales-based lender, IMB Bank, is offering between $2,000 and $4,000 cashback on eligible loans depending on the loan size. The break down is: $2,000 for loans of $250,000 and $499,999; $3,000 for loans of $500,000 and $749,999; $4,000 for loans of $750,000+. IMB Bank says there's a max of one cashback payment per eligible application, into the primary borrower’s IMB Transaction Account within 60 days of settlement. The offer excludes refinance of IMB loans, commercial, construction and bridging loans. Check with IMB Bank for the full T&Cs.
Pros
- Cashback offer is available on wide range of loans (fixed and variable)
- The interest rates available are relatively competitive
Cons
- Existing customers are excluded
Police Bank — $2,000 - $4,000 cashback
- Min loan amount: $300,000
- Max LVR: 80%
- Cashback conditions: This cashback offer applies to Police Value or Goldrate Home Loans and is tiered according to the loan amount. You can get $2,000 for loans between $300,000 and $499,999; $3,000 for loans between $500,000 and $749,999; and $4,000 for loans of $750,000 or more. The bonus is available for refinanced loans from other lenders (excluding Border Bank) and can be redeemed on owner-occupied or investment loans, fixed or variable rate, with principal and interest repayments only. To qualify, you must open and keep a Police Bank Easy Access (S1) transaction account with card access, have your salary paid into it for at least three consecutive pay cycles, and settle your loan within 90 days of applying. Check Police Bank for all cashback T&Cs.
Pros
- Cashback offer is available on a wide range of loans (fixed and variable, owner-occupier and investor)
- Tiered cashback (cashback benefit is proportionate to the size of the loan)
Cons
- Existing customers refinancing their loan are excluded
- Also excludes interest-only, construction and bridging loans
Border Bank — $2,000 - $4,000 cashback
- Min loan amount: $300,000
- Max LVR: 80%
- Cashback conditions: This cashback offer applies to Border Bank Customs Value Home Loan or Goldrate Home Loans and is tiered according to the loan amount. You can get $2,000 for loans between $300,000 and $499,999; $3,000 for loans between $500,000 and $749,999; and $4,000 for loans of $750,000 or more. The bonus is available for refinanced loans from other lenders (excluding Police Bank) and can be redeemed on owner-occupied or investment loans, fixed or variable rate, with principal and interest repayments only. To qualify, you must open and keep a Border Bank Easy Access (S1) transaction account with card access, have your salary paid into it for at least three consecutive pay cycles, and settle your loan within 90 days of applying. Check Border Bank for all cashback T&Cs.
Pros
- Cashback offer is available on a wide range of loans (fixed and variable, owner-occupier and investor)
- Tiered cashback (cashback benefit is proportionate to the size of the loan)
Cons
- Existing customers refinancing their loan are excluded
- Also excludes interest-only, construction and bridging loans
ME Bank — $3,000 refinance cashback
- Min loan amount: $700,000
- Max LVR: 80%
- Cashback conditions: The eligibility criteria for ME Bank's cashback offer are not complicated, but will nonetheless be difficult for a lot of customers to meet. It's open to owner occupiers and investors refinancing their home loan to ME from another lender, as long as the loan settles within 120 days of the loan application date. So far, so good. BUT the loan will need to be $700,000 or more, so well above the average home loan in Australia. A lot of refinancers who took out their loan fairly recently will still be eligible, but a large chunk of borrowers will be ruled out based on their loan amount.
Pros
- Cashback offer is available on all ME Bank loans
- ME Bank's rates and customer satisfaction scores are generally good
Cons
- High minimum loan amount will rule out many borrowers
- Existing ME Bank customers are also excluded
Greater Bank — $2,500 - $3,000 refinance cashback
- Min loan amount: $250,000
- Max LVR: 80%
- Cashback conditions: Greater Bank is offering $2,500 cashback for loan amounts between $250,000 and $499,999, or $3,000 cashback for loans above $500,000. There's only one cashback payment available per eligible loan, and it will be paid on your first eligible loan only. The offer is not available in conjunction with any other promotional payment. Greater Bank says the offer may be varied or withdrawn at any time. Terms, conditions, fees, charges and credit criteria apply – check these with the provider. Greater Bank's loans are only available for eligible properties in NSW, QLD or the ACT.
Pros
- Offer is available on most of the provider's home loans
- Greater Bank's rates are relatively competitive in the market
- First-home buyers can qualify for $2,500 cashback only
Cons
- Existing Greater Bank customers are not eligible
Newcastle Permanent — $2,000 - $3,000 cashback
- Min loan amount: $250,000
- Max LVR: 80%
- Cashback conditions: Newcastle Permanent's home loan cashback offer is available for eligible loan applications submitted via its online application channel. Eligible customers get $2,000 cashback for loans $250,000 - $499,999 or $3,000 for loans above $500,000. The offer excludes internal refinances or people switching from Greater Bank, as it is part of the same group. If you're eligible, the cashback payment will be made within 60 days of the loan settlement date. Customers can only claim one cashback payment per eligible loan and for their first eligible loan only. The offer is not available where any loan cashback has been paid within the past 12 months, or in conjunction with any other promotional payment. Check with Newcastle Permanent for the full offer T&Cs.
Pros
- Offer is available for new purchases and refinances and on most of the provider's home loans
- Newcastle Permanent's rates are relatively competitive in the market
Cons
- Existing Newcastle Permanent and Greater Bank customers are not eligible
Reduce Home Loans — $2,000 - $3,000 cashback
- Min loan amount: $250,000
- Max LVR: 80%
- Cashback conditions: Reduce Home Loans is offering cashback of $2,000 on new eligible loans of between $250,000 and $499,999, or $3,000 cashback on loans of $500,000 or more. Owner-occupiers and investors can qualify, as long as their loan-to-value ratio is less than or equal to 80%. Internal refinances are not eligible. Check with Reduce Home Loans for full eligibility criteria and T&Cs.
Pros
- Offer is available for new purchases and refinances
- Reduce Home Loans' rates are fairly competitive in the market
Cons
- Low-deposit borrowers (less than 20% deposit) are not eligible
- There may be cheaper rates available elsewhere so you'll need to factor that in when considering if the cashback offer will be worth it
Credit Union SA — $2,000 - $3,000 cashback (limited eligibility)
- Min loan amount: $300,000
- Max LVR: 80%
- Cashback conditions: This cashback offer is available only to current members or employees of the Port Adelaide Football Club. The offer is not available on construction and bridging loans, or any owner occupied loan with interest-only payments. If after all that you're somehow still in the running (and meet the min loan amount and max LVR), your $2,000 or $3,000 cashback will be paid at settlement of your loan. Check with Credit Union SA for the full T&Cs.
Pros
- Cashback offer is available on wide range of loans (fixed and variable)
- Special perk for Port Adelaide Football Club members or employees
Cons
- Very limited eligibility
- Existing customers refinancing their loan are also excluded
BankVic — $2,500 cashback (limited eligibility)
- Min loan amount: $350,000
- Max LVR: 80%
- Cashback conditions: The cashback is available to eligible emergency services workers buying a new home or refinancing to BankVic. It applies to owner-occupier and investor loans of at least $350,000. Only one cashback payment is available per eligible loan. To qualify, the loan must be settled and fully funded within 180 days of the unconditional approval date. The cashback will be paid into a BankVic transaction or savings account within 8 weeks of full loan drawdown or settlement. Bridging loans will be assessed for cashback eligibility based on the residual debt or end loan amount, in accordance with BankVic’s credit policy. Check BankVic for all cashback T&Cs.
Pros
- Offer is available on most of the provider's home loans
- First-home buyers can qualify
- Offer available on bridging loans with conditions
Cons
- Only for emergency, health and government workers and immediate family
BOQ — $2,000 cashback
- Min loan amount: $400,000
- Max LVR: Up to 80%
- Cashback conditions: $2,000 cashback for eligible refinance applications received through a BOQ branch between 1 July 2025 and 31 March 2026 and settled within 120 days. Applicants must refinance an existing home loan from another financial institution (not within the BOQ Group). Offer available on BOQ Clear Path, Economy, and Fixed Rate home loans for owner-occupiers and investors (principal & interest only). Not available for owner-occupied interest-only loans. One cashback per application. Cashback paid within 60 days of settlement into the borrower’s BOQ transaction account (or credited to the home loan if none exists).
Pros
- Competitive cashback for refinancers
- Applies to both owner-occupier and investor loans
Cons
- Not available for internal BOQ or BOQ Group refinances
Summerland Bank — $2,000 cashback
- Min loan amount: $400,000
- Max LVR: 80%
- Cashback conditions: This cashback offer is available to both refinancers and first home buyers with loan amounts above $400,000. Products eligible for cashback include: Eco Home Loan, Basic Variable Home Loan, Premium Home Loan, Fixed Rate Home Loan, and Investment loans. Both owner-occupier and investors qualify for the bonus. The cashback payment will occur within 90 days after the loan settlement date. Payment can only be made to a nominated Summerland Bank Everyday account. Check Summerland Bank for all cashback T&Cs. Offer available until 31 March 2026.
Pros
- First home buyers can qualify
- Available on a wide range of products
Cons
- Minimum loan amount $400,000
RACQ — $2,000 cashback
- Min loan amount: $500,000
- Max LVR: 95%
- Cashback conditions: This cashback offer is available for new owner-occupier or investor loans only and excludes refinance loans. The minimum loan amount is $500,000. Cashback payments will be credited to an open RACQ Bank account within 30 days of settlement. The offer is available until 31 December 2025. For full details, please refer to RACQ’s cashback terms and conditions.
Pros
- First home buyers & new purchases qualify
- Available on a wide range of products
Cons
- Refinancers don't qualify
- Minimum loan amount $500,000
ING — $1,500 cashback (limited eligibility)
- Cashback conditions: ING offers a $1,500 cashback to eligible borrowers who refinance and install energy-efficient home upgrades by 31 December 2025. For full details, please refer to ING’s cashback terms and conditions.
Pros
- ING's Home Energy Helper platform offers a customised list of recommended upgrades
Cons
- Limited eligibility
- Smaller cashback amount compared to other lenders
Home loans with rewards points
CommBank — Earn up to 300,000 Qantas Points (Digi Home Loan)
With CommBank, you can now earn Qantas Points if you apply for a home loan directly via the bank's website. Your loan must have an LVR of 80% or less. Borrowers can earn up to 100,000 points for loans between $300,000 and $499,999, up to 200,000 points for loans between $500,000 and $999,999, and up to 300,000 points for loans over $1 million. Loans must settle by 31 May 2026, and you’ll need to link your Qantas Frequent Flyer membership number to be eligible for the offer. Loans submitted by brokers are NOT eligible for the Qantas Points offer.
Qantas Money — Earn up to 100,000 Qantas Points annually
With Qantas Money, you can earn up to 100,000 Qantas Points each year for the life of your home loan — on up to six properties. The offer is available for both purchases and refinances of established properties, with loan sizes ranging from $300,000 to $3 million. To be eligible, you must be a Qantas Frequent Flyer member. If the loan is held jointly, both borrowers must be (or intend to become) Qantas Frequent Flyer members.
Qudos Bank — Qantas Points offer
With Qudos Bank, you can earn 150 Qantas Points per year for every $1,000 of your home loan’s average balance, with points credited monthly. To be eligible, you must be a Qantas Frequent Flyer member and provide your membership number to earn and redeem points.
Cashback offers & other incentives for first-home buyers
Queensland Country Bank — $4,000 cashback
Available for new purchase or refinance applications for the Queensland Country Bank Ultimate Home Loan Package received from 4 August 2025 until the offer is withdrawn, and which settle within 60 days of application.
Owner-occupier (P&I only) and investor loans (P&I or interest-only) are eligible. Applicants must be Australian permanent residents aged 18+ with a linked Queensland Country transaction account at settlement.
Not available with other Queensland Country offers or if a cashback or rebate has been received in the past 12 months.
IMB Bank — $2,000 - $4,000 cashback
IMB Bank is offering cashback on new home purchases of:
- $2,000 for loans of $250,000 - $499,999
- $3,000 for loans of $500,000 - $749,999
- $4,000 for loans of $750,000+
To qualify, owner occupiers or investors must be purchasing a residential property, with a minimum loan of $250,000 and max LVR of 80%. This offer is only available on specific loans, namely the Budget Home Loan, Essentials Home Loan or Fixed Rate Home Loan. Check with IMB Bank for full T&Cs and eligibility criteria.
BankVic — $3,500 cashback (limited eligibility)
There's $3,500 cashback up for grabs for eligible first home buyers who are new or existing BankVic members and apply from 2 September 2025. The loan must be for the purchase of the borrower’s first property in Australia and fully settled within 180 days of unconditional approval.
Available for owner-occupier and investor loans with a minimum loan amount of $350,000 and maximum LVR of 95%. One cashback per loan only, including split loans. Construction loans are eligible once all progressive drawdowns are complete.
Newcastle Permanent — $2,000 - $3,000 cashback
This offer is available to first-home buyers purchasing a residential property with a maximum LVR of 80%. The deal is $2,000 cashback for loans of $250,000 - $499,999.99, and $3,000 for loans of $500,000 or more. Check with Newcastle Permanent for the full T&Cs.
Reduce Home Loans — $2,000 - $3,000 cashback
First home buyers can take advantage of Reduce Home Loans’s cashback offer of $2,000 on new eligible loans of between $250,000 and $499,999, or $3,000 cashback on loans of $500,000 or more. Owner-occupiers and investors can qualify, as long as their loan-to-value ratio is less than or equal to 80%. Internal refinances are not eligible. Check with Reduce Home Loans for full eligibility criteria and T&Cs.
Greater Bank — $2,500 cashback
Eligible first-home buyers can get $2,500 cashback when they apply for a Greater Bank loan of $250,000 or more with an LVR below 95%. The bonus will be paid into a Greater Bank Everyday account within 30 days of the loan settlement date.
BOQ — $2,000 cashback
$2,000 cashback for new home loan applications received through a BOQ branch from 7 July 2025 that settle within 120 days.
Available to Australian residents aged 18+ taking out a new loan for the purchase of an owner-occupied or investment property. Offer applies to BOQ Clear Path, Economy, and Fixed Rate home loans (principal & interest only).
Not available for owner-occupied interest-only or construction loans. One cashback per application. Cashback paid within 60 days of settlement into the borrower’s BOQ transaction account (or credited to the home loan if none exists).
Credit Union SA — $2,000 cashback
This cashback offer is available only to current members or employees of the Port Adelaide Football Club. It's available to borrowers purchasing a home with a minimum loan amount of $300,000 and a maximum LVR of 80%.
The offer is not available on construction loans. Check with Credit Union SA for full T&Cs and eligibility criteria.
RACQ — $2,000 cashback
This cashback offer is available to first home buyers with a minimum loan amount of $500,000. Cashback payments will be credited to an open RACQ Bank account within 30 days of settlement. The offer is available until 31 December 2025. For full details, please refer to RACQ’s cashback terms and conditions.
Summerland Bank — $2,000 cashback
This cashback offer is available to first home buyers with loan amounts above $400,000. Products eligible for cashback include: Eco Home Loan, Basic Variable Home Loan, Premium Home Loan, Fixed Rate Home Loan, and Investment loans. Both owner-occupier and investors qualify for the bonus. Check Summerland Bank for all cashback T&Cs.
Suncorp — LMI waiver for eligible medical professionals
Available if at least one borrower is an eligible Medical Practitioner (registered with AHPRA) at time of the loan application. The loan amount must be between $250,000 and $1,500,000, with principal and interest repayments and a loan-to-value ratio (LVR) between 80.01% and 90%.
Offer applies to residential property for owner occupied or investor purpose. Pre-approvals, bridging loans, construction loans and refinances of an existing Suncorp Bank home loans are not eligible.
Westpac — LMI waiver for healthcare and emergency services workers
Eligible borrowers in selected medical, healthcare and emergency services professions could get a home loan with a 10% deposit, without paying lender's mortgage insurance. Minimum income threshold applies, as well as other terms and conditions.
Offer and other product details correct as at 03 November 2025. Offers are subject to change without notice. Please check current offer details directly with the lenders.
What’s the best cashback home loan offer?
Based on our analysis of cashback offers from home loan providers on our database, we found the offers from BOQ, IMB Bank, and Newcastle Permanent represent the best value overall.
This is down to a combination of:
- a high cashback amount
- competitive rates on eligible loans and
- the offers being available to a wide range of potential customers.
Please note this is our opinion only and not a product recommendation. You should consider your own circumstances and the details of each offer before deciding on which product, if any, is right for you. To inform this opinion, Money.com.au carried out a detailed comparison of cashback offers in November 2025, from the providers listed on this page. This analysis took into account the cashback amount, offer eligibility criteria, and the lowest interest rates on offer from each provider.
Use our technique for comparing offers
Step 1
Work out the net cashback benefit of refinancing to a particular loan: Cashback amount – establishment fees on the new loan.
Step 2
Work out your regular loan repayment with the loan (use a mortgage calculator) and then multiply that out to get cost of the loan over a year (or longer). This smooths out the initial impact of the cashback.
Step 3
Subtract the net cashback benefit from your annual loan repayment amount. The lower the amount you're left with, the better.
Tip: Make sure the loans you're assessing are comparable based on their features too and compare the cashback offer against loans that do not have cashback. This brings us on to...
Is home loan cashback worth it?
Cashback deals can be an attractive option for borrowers to offset the costs of refinancing. But they can end up costing you more in the long term if you set and forget your home loan. Cashback incentives encourage you to sign up for a loan for the upfront benefit, but the loan may be less competitive than what you could get elsewhere.
It's important to consider your loan's long-term value, based on the interest rate, fees and loan features combined. A higher interest rate, for example, will likely cancel out the cashback before long, sometimes within just a few months. A slightly lower interest rate might save you more money over the life of the loan compared to a one-time cashback offer.
Cashback deal vs lower rate refinance comparison
Loan amount | |
Refinancing with no cashback and a lower rate | $800,000 |
Refinancing with cashback and a higher rate | $800,000 |
Interest rate | |
Refinancing with no cashback and a lower rate | 6.00% |
Refinancing with cashback and a higher rate | 6.25% |
Cashback | |
Refinancing with no cashback and a lower rate | $0 |
Refinancing with cashback and a higher rate | $2,000 |
Monthly repayments | |
Refinancing with no cashback and a lower rate | $5,154 |
Refinancing with cashback and a higher rate | $5,277 (+$123) |
Establishment fee | |
Refinancing with no cashback and a lower rate | $350 |
Refinancing with cashback and a higher rate | $350 |
Discharge fee | |
Refinancing with no cashback and a lower rate | $395 |
Refinancing with cashback and a higher rate | $395 |
Time it would take for interest savings to cancel out cashback | |
Refinancing with no cashback and a lower rate | 10 months |
Refinancing with cashback and a higher rate |
| Refinancing with no cashback and a lower rate | Refinancing with cashback and a higher rate | |
|---|---|---|
Loan amount | $800,000 | $800,000 |
Interest rate | 6.00% | 6.25% |
Cashback | $0 | $2,000 |
Monthly repayments | $5,154 | $5,277 (+$123) |
Establishment fee | $350 | $350 |
Discharge fee | $395 | $395 |
Time it would take for interest savings to cancel out cashback | 10 months |
Mansour Soltani, Money.com.au's Home Loans Expert
“Compare the monthly repayments between the cashback lender and a lender offering a more competitive rate but without cashback. Consider how many years it would take to offset the cash bonus. If it's under 2-3 years, the lower rate is probably a better option.”
Mansour Soltani, Money.com.au's Home Loans Expert
What to watch out for
Here’s what to think about when considering any cashback offer:
- Is the interest rate on the cashback home loan more competitive than the rate on your current loan?
- What fees are involved (e.g. discharge fees, application fee for the new loan)? Make sure the fees and charges to set up the loan don’t eat away at most of the cashback.
- Does the cashback home loan come with the right features (e.g. offset and redraw) and is it structured to suit your financial situation and goals? For example, fixed-rate home loans tend to come with fewer features and restrictions on making additional repayments compared to variable rate home loans which are more flexible.
- Can you negotiate a lower interest rate or better loan terms with your existing lender without switching? If you're currently paying more than the average mortgage interest rate, your lender should be able to offer you a discount.
- Do you have at least 20% equity in your home? If not, you may not qualify for a cashback. Consider that if your LVR was above 80%, you’d likely be charged lender's mortgage insurance (LMI) again when refinancing which would negate any savings from the cashback.
Expert tip...
Michael Burgess, Money.com.au's Expert Mortgage Broker
"Cashbacks offers can give good short-term value, but they don't always work out for borrowers once you get past two years. The risk is the lender gets you in the door as a customer initially, but if something happens to your finances and you can't refinance again to another better deal, you might be stuck on a higher rate."
Michael Burgess, Money.com.au's Expert Mortgage Broker
Cashback offer checklist: Do you qualify?
Cashback offers are limited to specific borrowers
Cashback offers are usually available to eligible refinancers, including owner-occupier and investment loans. But, select lenders also offer cashback on loans for first-home buyers. Some deals may also only apply to particular loan products like variable rate home loans or package loans.
Cashback deals are for new customers only
Lenders usually make it so only new customers can get the cashback. So, if you’re refinancing a loan with the same lender (or even within the same network of lenders), you might not get any cashback.
There’s a minimum loan amount & loan-to-value ratio (LVR)
Cashback offers come with specific eligibility criteria, such as the type of loan (e.g. some lenders only offer cashbacks on owner-occupier loans, while others may extend them to investor loans as well). Typically, there’s a minimum loan amount, often $250,000 or more, and a minimum loan term. Many lenders also require a loan-to-value ratio (LVR) below 80%. Some even offer tiered cashback incentives, with higher bonuses for borrowers who take out larger loans.
Some cashback offers have an expiry date
Some cashback offers come with an expiration date. Generally, the home loan must be finalised (settled) by the lender’s specified deadline to qualify for the benefit. Alternatively, the offer may be open-ended but your loan must settle within a certain number of days of you applying.
Is the lender open to borrowers like you?
You might qualify for the cashback offer based on the loan amount you're refinancing, but remember some niche lenders are not open to all borrowers. Examples include regional banks and credit unions, or industry-specific providers. Credit UnionSA's cashback offer is only available to people linked to the education profession in South Australia, for example.
Other terms & conditions apply
Watch out for any other small print in the cashback offer. This might include requirements like remaining with the lender for a specified period of time after receiving the cashback or having to open a linked transaction account to be eligible.
In many cases, once the lender has paid out the cashback, it’s up to you how you want to spend it. This means you could use the funds to cover moving costs if you’re refinancing as part of a move, to renovate your home, or simply to save on interest by making a one-off lump sum repayment on your mortgage or stash it in your offset home loan account.
Other types of home loan refinance offers
Reward point offers
This kind of perk is more commonly associated with rewards credit cards, but a relatively new innovation in the home loan market is lenders (e.g. Qantas Money and Qudos Bank) offering reward points to customers who sign up. If you're considering this kind of offer, it's worth checking what the points would be worth when converted to gift cards. That will give you a rough idea of the offer's value compared to getting cashback.
Discounted interest rates
Discounted home loan interest rates are another carrot being sometimes dangled in front of refinancers. The catch is generally that the lower rate is for a limited period only. Some providers offer refinancers an ongoing discount that applies progressively as you pay off the loan (i.e. every year you get an additional discount on your rate). Unloan (backed by CommBank) and Athena Home Loans are among the Australian lenders with this kind of offer.
Waived home loan fees
Additionally, there are lenders in the market who will genuinely waive all fees on select home loans products to attract new customers. These are usually online lenders such as Unloan and Athena Home Loans who advertise no application fees, no ongoing fees and no discharge fees. Based on analysis by Money.com.au, a borrower could save up to $15,000 on a 30-year mortgage if all home loan fees (including annual package fees) were waived.
LMI waiver for professionals
Some banks and lenders have an LMI waiver for professionals in certain secure or high-paying industries. This typically includes legal and healthcare practitioners, finance and accounting professionals, etc. You may have to be a member of your industry's peak body or authority (e.g. Australian Medical Association) to apply. ANZ, NAB, and Westpac are among the lenders that offer an LMI waiver for professionals.
How to apply for a cashback home loan
1. Find a good cashback deal
Finding the best cashback offer you qualify for is the first step. Use comparison tables for a side-by-side view of the best deals in the market or ask your mortgage broker to source some offers you qualify for. Ensure that the interest rate on the new loan is in line with other lenders not offering cashbacks. You may have some wiggle room to negotiate a lower interest rate, depending on the lender (if you're refinancing with a mortgage broker, they can help with this).
2. Request a mortgage discharge form (if you’re refinancing)
If you’re refinancing, you must request a mortgage discharge form from your current lender. This is used to release the security (the property) backing the home loan. After you request a discharge form, you will typically get a call from your lender's retention team. According to Mansour, if you have a competitive interest rate offer from another lender, they will usually match it to keep your business. If you’re a first-home buyer, you’ll skip this step.
3. Apply for the cashback loan
You can apply for a cashback home loan online via the lender’s website (it can take up to 20 minutes). Most banks and lenders will get you to verify your ID and sign all relevant documents online. Alternatively, a lending specialist will be touch to discuss your application in detail and ensure you qualify for the home loan product (and cashback). If you’re using a mortgage broker, they’ll handle the application process on your behalf from start to finish. In either case, you’ll be asked to submit your financial paperwork — usually two current payslips, three months of bank statements and a notice of assessment from the ATO.
4. Get your cashback
If you’re approved, the cashback will be paid into the transaction account linked to your new home loan within 30-60 days of settlement (depending on the lender). Some lenders may credit the cashback to any nominated transaction account with another bank, provided the account is in the same name(s) as the loan that qualified for the cashback offer.
Options compared
Home loan types
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