Cashback offers for refinancers - detailed comparison
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 up to $4,000 cashback on eligible home loans. For eligible loans between $250,000 and $499,999, borrowers will receive a $2,000 cashback. Those with loans between $500,000 and $749,999 will receive $3,000, while borrowers with loans of $750,000 or more will receive $4,000. Cashback is paid into an eligible IMB transaction account within 60 days of settlement, with a limit of one cashback per borrower per 12-month period. The loan must remain active for at least 12 months or 50% of the cashback must be repaid. The offer excludes IMB internal refinances, 1-year fixed rates, construction, bridging, commercial, SMSF, reverse mortgage and aged care loans. Check with IMB Bank for full T&Cs.
Pros
- Cashback available on both refinance and purchase loans
- Low minimum loan size compared with many cashback offers
Cons
- 50% cashback clawback applies if the loan is closed within 12 months
- Discretionary rate discounts may make the loan ineligible
Reduce Home Loans — $3,000 cashback
- Min loan amount: $700,000
- Max LVR: 80%
- Cashback conditions: Non-bank mortgage lender, Reduce Home Loans, is offering $3,000 cashback as an incentive on it's EconoME home loan for eligible borrowers who are refinancing from another financial institution. Applications must be submitted between 1 May 2026 and 28 August 2026, with settlement required within 120 days of application. The offer is available to both owner-occupiers and investors, but excludes owner occupier interest-only loans. Borrowers must hold an eligible transaction account prior to cashback payment, which will occur within 60 days of settlement. Terms, conditions and eligibility criteria apply. Check with Reduce Home Loans for the full details.
Pros
- Fairly competitive cashback offer
- Both eligible investors and owner occupiers qualify
Cons
- Customers who have received a refinance cashback from the same banking group within the previous 12 months may be ineligible
- High minimum loan amount will rule out many borrowers
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. Loans must be submitted by 28 August 2026, and settle within 120 days of the 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 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. This offer is available for applications submitted via the Greater Bank Digital Home Loan application channel (online application). 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 (max 95% LVR)
Cons
- Existing Greater Bank customers are not eligible
Newcastle Permanent — $2,500 - $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 $2,500 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
BankWAW — $2,000 cashback (gift voucher)
- Min loan amount: $50,000
- Max LVR: 80%
- Conditions: BankWAW is offering a $2,000 gift voucher to refinancers who take out a Flexible Choice home loan. Both owner-occupier and investors qualify for the bonus. But there are some fairly significant potential catches here. For starters, the $2,000 gift voucher must be used at businesses located in the BankWAW region (North East Victoria and Southern New South Wales) at the discretion of your lender. Also, the voucher's full value is repayable if the customer refinances or discharges their loan within 24 months. So steer clear if you're thinking of grabbing the offer and then switching again shortly after. Check with BankWAW for all offer T&Cs.
Pros
- Competitive offer for refinancers
- Applies to both owner-occupier and investor loans
Cons
- Gift card can only be used in the the BankWAW region of North East Victoria and Southern New South Wales
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. The offer ends on 28 August 2026, and your loan must settle 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
Credit Union SA — $2,000 cashback (limited eligibility)
- Min loan amount: $300,000
- Max LVR: 80%
- Cashback conditions: This cashback offer is available only to current or retired employees of the South Australian Education Community, students carrying out studies in education, or their eligible immediate family members. The offer is not available on construction and bridging loans, borrowers who apply under the Australian Government 5% Deposit Scheme, 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 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 members of the South Australian Education Community
Cons
- Very limited eligibility
- Existing customers refinancing their loan are also excluded
- Not available to borrowers who apply under the Australian Government 5% Deposit Scheme
Tiimely Home — $1,000 - $3,000 cashback (2 or 3-year fixed rate loans only)
- Min loan amount: $500,000
- Max LVR: 80%
- Cashback conditions: Tiimely Home's cashback offer is available to eligible owner-occupiers or investors who fix their home loan during the promotional period. Eligible customers with an individual or combined loan balance between $500,000 and $1.249 million can receive $1,000 cashback; those with a loan balance between $1.25 million and $1.749 million can receive $2,000 cashback; and those with a loan balance of $1.75 million or more can receive $3,000 cashback. The loan must settle within 90 days of lodgment. Cashback is paid to the nominated bank account within 45 days of settlement. Loans are subject to credit approval, eligibility criteria, and lender terms, fees and charges. Check with Tiimely Home for the full offer T&Cs.
Pros
- Available to both owner occupiers and investors
- The cashback offer applies to the total balance of both individual and multiple loan amounts
Cons
- Only available on 2 or 3-year fixed loans
- Excludes existing customers refinancing their loan
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. The loan must be submitted by 30 September 2026. 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 Home Loans — 175,000 Qantas Points (plus 100,000 points annually)
Qantas Frequent Flyer members can earn 175,000 Qantas Points for each eligible new home loan through Qantas Money. To qualify you must apply by 25 August 2026 and settle by 25 February 2027. The offer is available for up to six properties, subject to individual circumstances. The first 100,000 points are awarded under the standard annual Qantas Money Home Loans points offer, with an additional 75,000 promotional points. Speaking of the standard yearly points offer, members can earn 100,000 points following each settlement anniversary for up to 30 years. Points are generally credited within eight weeks of being earned, provided the loan remains eligible. Check with Qantas Money Home Loans for full terms and eligibility requirements.
Cashback offers & other incentives for first-home buyers
IMB Bank — $2,000 - $4,000 cashback
IMB Bank is offering up to $4,000 cashback on eligible home loans approved. For eligible loans between $250,000 and $499,999, borrowers will receive a $2,000 cashback. Those with loans between $500,000 and $749,999 will receive $3,000, while borrowers with loans of $750,000 or more will receive $4,000. Max LVR of 80% applies.
ANZ — $3,000 cashback
ANZ is offering $3,000 to eligible first home buyers who take out a new home loan of $250,000 or more. To qualify, you must have an ANZ Access Advantage, ANZ Plus or ANZ One offset account at loan drawdown. Other T&Cs apply.
Newcastle Permanent — $2,500 - $3,000 cashback
This offer is available to first-home buyers purchasing a residential property with a maximum LVR of 80%. The deal is $2,500 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.
Greater Bank — Up to $2,500 cashback
Greater Bank is offering $2,000 cashback for first-home buyers with a loan amount between $250,000 and $499,999, or $2,500 cashback for loans above $500,000. This offer is available for applications submitted via the Greater Bank Digital Home Loan application channel (online application).
Credit Union SA — $2,000 cashback
This cashback offer is available only to current or retired employees of the South Australian Education Community, students carrying out studies in education, or their eligible immediate family members. It's available to borrowers purchasing a home with a minimum loan amount of $300,000 and a maximum LVR of 80%.
This offer is not available to Australian Government 5% Deposit Scheme applicants, or for construction or bridging loans. Check with Credit Union SA for full T&Cs and eligibility criteria.
Tiimely Home — $1,000 - $3,000 cashback (2 or 3-year fixed rate loans only)
Tiimely Home's cashback offer is available to eligible first-home buyers who fix their home loan during the promotional period. While it's unlikely many first-home buyers will qualify for the top cashback amount, those borrowing between $500,000 and $1.249 million may be eligible for $1,000 cashback.
Eligible customers with a loan between $500,000 and $1.249 million can receive $1,000 cashback; those with a loan balance between $1.25 million and $1.749 million can receive $2,000 cashback; and those with a loan balance of $1.75 million or more can receive $3,000 cashback. The loan must settle within 90 days of lodgment. Check with Tiimely Home for the full offer terms and conditions.
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.
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 IMB Bank, Greater 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 August 2026 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.
According to Money.com.au’s recent survey data, 34% of Aussie home owners say they would switch their home loan to a lender that is offering cashback, with 38% saying that it would depend on the amount.
Almost half of home owners (48%) said that they would only switch their lender for a cashback of at least $5,000. Meanwhile, 45% said that they would switch for $3,000–$4,999 in cashback.
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 | - |
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. 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.
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