Home loan refinance cashback offers – detailed breakdown
IMB Bank
- Cashback amount: $2,000 for loans of $250,000 - $499,999; $3,000 for loans of $500,000 - $749,999; and $4,000 for loans of $750,000+
- Conditions: To qualify, owner occupiers or investors must be refinancing an existing residential home loan from another financial institution to IMB Bank, or purchasing a residential property, with a minimum loan of $250,000 and max LVR of 80%. This makes it one of the very few cashback offers available to new home buyers, and not just refinancers. Refinance loans must be settled within 90 days of IMB accepting the application for refinance, or 180 days for new home purchases. 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.
- Lowest rates available: For variable, 6.04% p.a. (comparison rate* 6.07% p..a.) Budget Home Loan for owner occupiers with principal and interest repayments, max LVR 80%. For fixed, 5.69% p.a. (comparison rate* 6.28% p.a.) 2 Year Fixed Rate for owner occupiers making principal and interest repayments, max LVR 95% (max LVR for cashback offer is 80%).
ANZ
- Cashback amount: $2,500 for refinance loans of $250,000+, or $3,000 on first home buyers loans of $250,000+
- Conditions: This offer is for external refinancers only (although ANZ has a separate $3,000 cashback offer for first home buyers – details below). External refinances exclude borrowers moving from Suncorp Bank or ANZ Plus, which are part of the ANZ Group. The other main condition is your LVR being 80% or lower. Check with ANZ for full T&Cs and eligibility criteria.
- Lowest rates available: For variable, 6.39% p.a. (comparison rate* 6.39% p.a.) Basic Variable Home Loan for owner occupiers with principal and interest repayments, max LVR 60%. For fixed, 5.74% p.a. (comparison rate* 6.94% p.a.) 2 Year Fixed Home Loan for owner occupiers making principal and interest repayments, max LVR 80% (max LVR for cashback offer is 80%).
BankVic
- Cashback amount: $3,000 for loans above $350,000
- Conditions: The first thing to be aware of with this $3,000 cashback offer is that only current police and emergency service workers (in any State or Territory) are eligible. So the reality is, most borrowers won’t qualify on those grounds alone. If you do qualify based on your profession, the other main eligibility criteria are that you’re refinancing a loan of $350,000 or more from a different lender (internal home loan refinances are not eligible) and that your loan-to-value ratio (LVR) is 80% or less, or purchasing a property using a loan with those characteristics. Check with BankVic for full T&Cs and eligibility criteria.
- Lowest rates available: For variable, 5.99% p.a. (comparison rate* 6.00% p.a.) Special Offer Variable Rate for owner occupiers with principal and interest repayments, max LVR 90%). For fixed, 5.49% p.a. (comparison rate* 6.03% p.a.) 2 Year Fixed Rate for owner occupiers making principal and interest (P&I) repayments and max LVR 90%) (max LVR for cashback offer is 80%)
Newcastle Permanent
- Cashback amount: $2,000 for loans of $250,000 - $499,999 and $3,000 for loan above $500,000
- Conditions: To get this offer, you’ll need to be refinancing a residentially secured home loan from another lender (internal refinancers don’t qualify), with a max LVR of 80%. Refinancers from Greater Bank (which is part of the same group) also don’t qualify. Bear in mind that to qualify, you’ll also need to apply through Newcastle Permanent’s online application channel. That includes the completion of digital verification of identity and gathering of financial information. Our guess is an online application is cheaper for lenders to process, so the cashback incentives customers to go down this path. Check with Newcastle Permanent for full T&Cs and eligibility criteria.
- Lowest rates available: For variable, 5.99% p.a. (comparison rate* 6.03% p..a.) Real Deal Home Loan for owner occupiers with principal and interest repayments, max LVR 80. For fixed, 5.69% p.a. (comparison rate* 7.69% p.a.) 2 Year Premium Plus Package Fixed Rate for owner occupiers making principal and interest repayments, max LVR 80%.
ME Bank
- Cashback amount: $3,000 on refinances above $700,000; or $2,000 on new home purchases home loan of $400,000+
- Conditions: This is the refinance cashback offer with the highest minimum loan amount required to qualify – $700,000. You’ll also need a maximum loan to value ratio of 80%. To qualify you’ll need to be refinancing from another financial institution (excluding BOQ, BOQ Specialist and Virgin Money Australia). On the plus side, it’s available on all ME Bank home loans for owner occupiers and investors. If you’re purchasing a new home with a loan amount above $400,000, the cashback on offer to eligible borrowers is $2,000. You can qualify with an LVR as high as 95% if you’re an owner occupier or 90% for investors (lender’s mortgage insurance may apply if your LVR is above 80%). Check with ME Bank for full T&Cs and eligibility criteria.
- Lowest rates available: For variable, 6.13% p.a. (comparison rate* 6.15% p.a.) Basic Home Loan for owner occupiers with principal and interest repayments, Max LVR 80%. For fixed, 5.69% p.a. (comparison rate* 6.50% p.a.) 3 Year Fixed Rate Flexible Home Loan Member Package for owner occupiers making principal and interest repayments, Max LVR 80%.
Greater Bank
- Cashback amount: $2,000 for loans of $250,000 - $499,999, or $2,500 for loans above $500,000
- Conditions: This offer is only for refinancers (investors or owner occupiers) moving an eligible loan to Greater Bank from another financial institution (excluding Newcastle Permanent). Specifically, you must have had your loan with the other institution for more than six months. The total amount of the loan (or combined loans) must be at least $250,000, with a maximum LVR of 80%. Check with Greater Bank for full T&Cs and eligibility criteria.
- Lowest rates available: 5.99% p.a. (comparison rate* 6.00% p.a.) Great Rate Home Loan for owner occupiers with principal and interest repayments, max LVR 80%. For fixed, 5.69% p.a. (comparison rate* 7.60% p.a.) 3 Year Fixed Package Home Loan for owner occupiers making principal and interest repayments, max LVR 97% (max LVR for cashback offer is 80%).
Credit Union SA
- Cashback amount: $2,000 on loans above $300,000
- Conditions: This is another cashback offer where eligibility is limited based on the borrower’s profession. Specifically, you must be a current or retired employees of the South Australian Education Community, a student carrying out studies in education, or an eligible immediate family member as a part of the lender’s Knowledge Counts banking benefits. Beyond that, you’ll also need to be purchasing a home or refinancing from another lender, with a minimum loan amount of $300,000 and a maximum LVR of 80%. The offer is not available on construction or bridging loans. Check with Credit Union SA for full T&Cs and eligibility criteria.
- Lowest rates available: For variable, 6.04% p.a. (comparison rate* 6.41% p.a.) Package Variable Special Offer for owner occupiers with principal and interest repayments, max LVR 60%. For fixed, 5.69% p.a. (comparison rate* 6.59% p.a.) 3 Year Fixed Package Home Loan for owner occupiers making principal and interest repayments, max LVR 97% (max LVR for cashback offer is 80%).
Offer info and rates correct as at 1 January 2025. WARNING: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.
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, ME 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 January 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.
Cashback and other offers for first-home buyers
ANZ First Home Buyer Bonus — $3,000 cashback
Eligible first-home buyers can get $3,000 cashback with an ANZ home loan of $250,000 or more. You must have an ANZ Access Advantage, ANZ Plus or ANZ One offset account at loan drawdown (which must occur within 180 days of applying). Bonus is paid after settlement.
BankVic — $3,000 cashback
BankVic is offering cashback of $3,000 for new home purchases with a loan amount above $350,000 and max LVR of 80%. But this offer is only for current police and emergency service workers (in any State or Territory). Check with BankVic for full T&Cs and eligibility criteria.
Credit Union SA — $2,000 cashback
To qualify for this offer, you’ll also need to be purchasing a home with a minimum loan amount of $300,000 and a maximum LVR of 80%. Eligibility is also limited based on the borrower’s profession. Specifically, you must be a current or retired employees of the South Australian Education Community, a student carrying out studies in education, or an eligible immediate family member as a part of the lender’s Knowledge Counts banking benefits. The offer is not available on construction loans. Check with Credit Union SA for full T&Cs and eligibility criteria.
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+
Conditions: 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.
ME Bank — $2,000 cashback
If you’re purchasing a new home with a loan amount above $400,000, the cashback on offer to eligible borrowers is $2,000. You can qualify with an LVR as high as 95% if you’re an owner occupier or 90% for investors (lender’s mortgage insurance may apply if your LVR is above 80%). Check with ME Bank for full T&Cs and eligibility criteria.
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 lenders mortgage insurance. Minimum income threshold applies, as well as other terms and conditions.
What you need to know about home loan cashback offers
Home loan cashback deals are incentives some lenders and banks offer on select products to attract new customers. Currently, the majority of home loan cashback offers are for refinance home loans (people who already have a loan and are switching to a new lender), although some lenders extend those offers to first-home buyers.
Cashbacks generally range from $1,000 to $3,000 or more depending on the lender and your loan amount (e.g. Reduce Home Loans offers up to $10,000 for loans above $2 million). Cashback deals are usually a lump sum deposited into your transaction account (after the new mortgage is settled), or can come as rebates towards home loan fees.
While many banks have discontinued refinance cashback offers because they were eroding profit margins and discouraging customer loyalty, some lenders continue to offer them.
Are home loan refinance cashback offers 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.
Mansour Soltani, Money'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's Home Loans Expert
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 |
Home loan cashback deals: 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.cpm.au Expert Mortage Broker
"Cashbacks offers can give good short-term value, 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.cpm.au Expert Mortage Broker
Pros & cons of home loan refinance cashback offers
Pros
- Provide upfront cash injection for refinancers and can help cover switching costs
- The money can be spent on virtually anything
- Can incentivise borrowers to shop around for a better rate
Cons
- Cashback home loans may have less competitive rates and fees
- Only offered by a handful of lenders, limiting your choice
- Strict eligibility criteria apply (not all borrowers qualify)
Cashback offer checklist: Do you qualify?
1
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.
2
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.
3
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.
4
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.
5
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.
6
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 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.
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.