craggle logo

Best Home Loan Cashback Offers & Deals

What is a Home Loan Cashback Offer?

A home loan cashback offer, sometimes referred to as a mortgage cashback offer, is an incentive offered by lenders to entice borrowers to refinance or switch their home loans. These offers typically involve a lump sum cash payment made directly to the borrower's bank account or applied as a reduction to the home loan balance after settlement.

Home loan cashback offers are common in the Australian home loan market, often promoted as a way to sweeten the deal for potential borrowers. These deals can range from $1,000 to $10,000, depending on the lender, loan amount, and specific eligibility criteria. In some cases, these are also called cashback home loans, as they can provide an immediate financial benefit once the new loan settles.

Navigate this Article


Queensland Country Bank

$4,000 Cashback

Terms of the Cashback Offer:

  • Min loan amount: $300,000
  • LVR requirement: Must be above 80% (with LMI or Housing Australia scheme eligibility)
  • Product: Ultimate Home Loan Package
  • Available for new purchase or refinance applications received from 4 August 2025 until withdrawn, and which settle within 60 days of application

Eligibility

  • Owner-occupier (P&I only) and investor loans (P&I or interest-only) are eligible
  • Applicants must be Australian permanent residents aged 18+
  • Linked Queensland Country transaction account required at settlement

Exclusions

  • Not available with other Queensland Country offers
  • Not available if a cashback or rebate has been received in the past 12 months

Notes

  • Annual fee applies to the Ultimate Home Loan Package
  • Offer available until withdrawn
  • Check Queensland Country Bank for full T&Cs

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 suit all borrowers

Return to Banks

IMB Bank

$2,000 - $3,000 Cashback

Terms of the Cashback Offer:

  • Min loan amount: $250,000
  • Max LVR: 80%
  • Tiers: $2,000 for loans $250,000 - $499,999; $3,000 for loans $500,000+

Eligibility

  • Max of one cashback payment per eligible application
  • Paid into the primary borrower’s IMB Transaction Account within 60 days of settlement

Exclusions

  • Refinance of IMB loans
  • Commercial, construction and bridging loans

Notes

  • Check with IMB Bank for the full T&Cs

Pros

  • Cashback offer is available on a wide range of loans (fixed and variable)
  • The interest rates available are relatively competitive

Cons

  • Existing customers are excluded

Return to Banks

ME Bank

$3,000 Refinance Cashback

Terms of the Cashback Offer:

  • Min loan amount: $700,000
  • Max LVR: 80%
  • Loan must settle within 120 days of the loan application date

Eligibility

  • Owner occupiers and investors refinancing to ME from another lender

Exclusions

  • Existing ME Bank customers are not eligible

Notes

  • T&Cs, fees, charges and credit criteria apply

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

Return to Banks

Greater Bank

$2,500 - $3,000 Refinance Cashback

Terms of the Cashback Offer:

  • Min loan amount: $250,000
  • Max LVR: 80%
  • $2,500 cashback for loans $250,000 - $499,999
  • $3,000 cashback for loans $500,000+
  • Applications via Greater Bank Digital Home Loan (online channel) for the full cashback tiers

Eligibility

  • Refinance only
  • Eligible properties in NSW, QLD or ACT
  • One cashback payment per eligible loan, first eligible loan only

Exclusions

  • Not available in conjunction with any other promotional payment
  • Excludes refinances from Greater Bank or Newcastle Permanent (same group)

Notes

  • Offer may be varied or withdrawn at any time
  • T&Cs, fees, charges and credit criteria apply

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 may qualify for $2,500 cashback only (product/LVR conditions apply)

Cons

  • Existing Greater Bank customers are not eligible

Return to Banks

Newcastle Permanent

$2,500 - $3,000 Cashback

Terms of the Cashback Offer:

  • Min loan amount: $250,000
  • Max LVR: 80%
  • $2,500 cashback for loans $250,000 - $499,999
  • $3,000 cashback for loans $500,000+

Eligibility

  • Eligible loan applications submitted via the online application channel
  • Cashback paid within 60 days of settlement (loan must still be open at time of payment)
  • One cashback per eligible loan, first eligible loan only

Exclusions

  • Internal refinances
  • Switches/refinances from Greater Bank (same group)
  • Not available where any loan cashback has been paid within the past 12 months
  • Not available with any other promotional payment

Notes

  • Check 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

Return to Banks

Reduce Home Loans

This offer is closed — customers who previously qualified generally need their loan funded by 30 June 2026.

Terms of the Cashback Offer (when open):

  • Tiered cashback structure up to $10,000 depending on product and loan size
  • Typically required a minimum loan amount and maximum LVR (varies by product)
  • Owner-occupiers and investors could qualify (depending on product)

Eligibility

  • Internal refinances were not eligible
  • Funding deadline applies for borrowers who already qualified while the offer was open

Pros

  • High cashback potential (up to $10,000 under some tiers)
  • Was available for new purchases and refinances (when open)

Cons

  • Offer is closed
  • Low-deposit borrowers were often not eligible under standard tiers
  • Higher cashback tiers can sometimes come with trade-offs (fees/rate) depending on product

Return to Banks

Credit Union SA

$2,000 Cashback (limited eligibility)

Terms of the Cashback Offer:

  • Min loan amount: $300,000
  • Max LVR: 80%
  • Available for purchase or refinance (product eligibility applies)

Eligibility

  • Current or retired employees of the South Australian education community, students studying education, or eligible immediate family members

Exclusions

  • Construction and bridging loans
  • Owner occupied loans with interest-only repayments
  • Existing customers refinancing their loan are excluded

Notes

  • $2,000 cashback paid at settlement (where eligible)
  • Check with Credit Union SA for full T&Cs

Pros

  • Cashback offer is available on a 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 excluded

Return to Banks

BankVic

$4,000 Cashback (limited eligibility)

Terms of the Cashback Offer:

  • Min loan amount: $350,000
  • Max LVR: 80%

Eligibility

  • Available to eligible emergency services, health and government workers (and eligible immediate family), depending on BankVic membership criteria
  • Owner occupier or investor loans
  • Loan must be settled and fully funded within 180 days of unconditional approval

Exclusions

  • Excludes internal refinances (and other exclusions may apply depending on product)

Notes

  • Cashback paid into a BankVic transaction or savings account within 8 weeks of full loan drawdown or settlement
  • Bridging loans may be assessed for cashback eligibility based on residual debt or end loan amount (subject to 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 (product/LVR conditions apply)
  • Offer available on bridging loans with conditions

Cons

  • Restricted to eligible professions and families

Return to Banks

BOQ

$2,000 Refinance Cashback

Terms of the Cashback Offer:

  • Min loan amount: $400,000
  • Max LVR: 80%
  • Applications received 1 July 2025 to 31 March 2026 and settled within 120 days
  • Must be applied for through a BOQ branch
  • Applies to eligible BOQ home loan products for owner-occupiers and investors (P&I only)

Eligibility

  • Refinance from another financial institution (not within the BOQ Group)
  • Australian residents aged 18+ (personal customers)

Exclusions

  • Owner occupied interest-only loans
  • Internal BOQ or BOQ Group refinances

Notes

  • Cashback paid within 60 days of settlement into BOQ transaction account (or credited to the loan if none exists)
  • Check BOQ for full T&Cs

Pros

  • Competitive cashback for refinancers
  • Applies to both owner-occupier and investor loans

Cons

  • Not available for internal BOQ or BOQ Group refinances

Return to Banks

Summerland Bank

$2,000 Cashback

Terms of the Cashback Offer:

  • Min loan amount: $400,000 (standard eligibility tiers apply)
  • Max LVR: 80% (some first home buyer criteria may differ depending on product)
  • Applications generally required by 31 March 2026 (offer period rules apply)
  • Settlement deadline applies (check provider T&Cs)

Eligibility

  • Purchase or refinance (depends on eligible product)
  • Owner occupier and investor (depends on eligible product)

Notes

  • Cashback is paid after settlement into a nominated Summerland account (per T&Cs)
  • Check Summerland Bank for full cashback T&Cs

Pros

  • First home buyers can qualify (product conditions apply)
  • Available on a range of products

Cons

  • Minimum loan amount can rule out smaller loans

Return to Banks

ING

$500 Cashback (limited eligibility)

Terms of the Cashback Offer:

  • Min loan balance: $150,000 (plus other eligibility rules apply)
  • Max LVR: 80% (including the Green Upgrade Loan where applicable)
  • Requires taking out an ING Green Upgrade Loan and completing eligible energy-efficient upgrades by 31 March 2026

Notes

  • This offer is tied to eligible upgrade requirements and program rules
  • Check ING for full cashback T&Cs and eligible upgrade list

Pros

  • ING’s Home Energy Helper can provide a tailored upgrade pathway

Cons

  • Limited eligibility
  • Smaller cashback amount compared to other lenders

Return to Banks

First Home Buyer Cashback Incentives

First home buyers may be eligible for dedicated cashback incentives from some lenders, designed to help offset upfront buying costs such as stamp duty, conveyancing fees, inspections and moving expenses.

Unlike standard refinance cashback offers, these incentives are typically restricted to new purchases, often come with stricter eligibility rules, and may require the borrower to be a genuine first home buyer.

Available First Home Buyer Cashback Offers

It’s also worth noting that some lenders run first home buyer cashback incentives on new purchase loans. These can look similar to refinance cashback offers, but the rules are often different, such as higher LVR allowances, specific product requirements, or strict settlement timeframes. If you’re buying your first home, jump to our First Home Buyer Cashback Incentives section to see which lenders are offering dedicated bonuses.

Queensland Country Bank

$4,000 Cashback (First Home Buyers)

Terms of the Cashback Offer:

  • Product: Ultimate Home Loan Package
  • Offer period: Applications received from 4 August 2025 until withdrawn
  • Settlement requirement: Must settle within 60 days of application

Eligibility

  • Loan purpose: New purchase (offer also exists for refinance, but this section is focused on first home buyers)
  • Borrower types: Owner-occupier (P&I only) and investor loans (P&I or interest-only)
  • Residency: Australian permanent residents aged 18+
  • Account requirement: Linked Queensland Country transaction account at settlement

Exclusions

  • Not available with other Queensland Country offers
  • Not available if a cashback or rebate has been received in the past 12 months

Pros

  • Large cashback amount compared to many first home buyer offers
  • Useful to offset upfront purchase costs

Cons

  • Only available on the Ultimate Home Loan Package (annual fee applies)

Return to First Home Buyer Offers

IMB Bank

$2,000 – $4,000 Cashback

Terms of the Cashback Offer:

  • $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+

Eligibility

  • Loan purpose: Purchasing a residential property
  • Min loan amount: $250,000
  • Max LVR: 80%
  • Eligible products: Budget Home Loan, Essentials Home Loan or Fixed Rate Home Loan

Notes

  • Check with IMB Bank for full T&Cs and eligibility criteria

Pros

  • Tiered cashback rewards higher loan sizes
  • Available across multiple eligible products

Cons

  • Many first home buyers using higher LVR strategies may not qualify

Return to First Home Buyer Offers

BankVic

$3,500 – $5,000 Cashback (limited eligibility)

Terms of the Cashback Offer:

  • Offer start: Applications from 2 September 2025
  • Settlement requirement: Must be fully settled within 180 days of unconditional approval
  • Loan purpose: Purchase of the borrower’s first property in Australia

Eligibility

  • Membership: Eligible first home buyers who are new or existing BankVic members
  • Min loan amount: $350,000
  • Max LVR: 95%
  • Borrower types: Owner-occupier and investor loans
  • Construction loans: Eligible once all progressive drawdowns are complete
  • Payment limit: One cashback per loan only (including split loans)

Pros

  • Very generous cashback for eligible first home buyers
  • Supports higher LVR lending

Cons

  • Limited eligibility based on BankVic membership rules

Return to First Home Buyer Offers

ANZ

$3,000 Cashback

Eligibility

  • Borrower type: Eligible first home buyers
  • Min new loan amount: $250,000 or more
  • Account requirement: Must have an ANZ Access Advantage, ANZ Plus or ANZ One offset account
  • Other T&Cs apply

Pros

  • Flat cashback amount for eligible buyers

Cons

  • Requires specific ANZ account/offset setup

Return to First Home Buyer Offers

Newcastle Permanent

$2,000 – $3,000 Cashback

Terms of the Cashback Offer:

  • $2,000 cashback for loans of $250,000 – $499,999.99
  • $3,000 cashback for loans of $500,000 or more

Eligibility

  • Borrower type: First home buyers
  • Loan purpose: Purchasing a residential property
  • Max LVR: 80%

Notes

  • Check with Newcastle Permanent for the full T&Cs

Pros

  • Simple tiered cashback based on loan size

Cons

  • Low-deposit borrowers may not qualify due to the LVR cap

Return to First Home Buyer Offers

Reduce Home Loans

$2,000 – $10,000 Cashback

Terms of the Cashback Offer:

  • $2,000 for loans between $250,000 and $499,999
  • $3,000 for loans between $500,000 and $749,999
  • $5,000 for loans between $750,000 and $1.99 million
  • $10,000 for loans of $2 million or more

Eligibility

  • Borrower types: Owner-occupiers and investors
  • Max LVR: 80%
  • Internal refinances: Not eligible

Notes

  • Check with Reduce Home Loans for full eligibility criteria and T&Cs

Pros

  • High cashback potential for larger loan sizes

Cons

  • Low-deposit first home buyers may not qualify
  • It’s important to compare the interest rate and fees, not just the cashback

Return to First Home Buyer Offers

Greater Bank

$2,500 Cashback

Eligibility

  • Borrower type: Eligible first home buyers
  • Min loan amount: $250,000 or more
  • Max LVR: Below 95%

Notes

  • Payment timing: Paid into a Greater Bank Everyday account within 30 days of settlement

Pros

  • High LVR threshold can suit low-deposit buyers

Cons

  • Cashback is lower than several competing first home buyer offers

Return to First Home Buyer Offers

BOQ

$2,000 Cashback

Terms of the Cashback Offer:

  • Application channel: Through a BOQ branch
  • Offer start: New home loan applications received from 7 July 2025
  • Settlement requirement: Must settle within 120 days

Eligibility

  • Borrowers: Australian residents aged 18+
  • Loan purpose: Purchase of an owner-occupied or investment property
  • Repayments: Principal & interest only
  • Eligible products: BOQ Clear Path, Economy, and Fixed Rate home loans

Exclusions

  • Not available for owner-occupied interest-only
  • Not available for construction loans
  • One cashback per application

Notes

  • Payment timing: Paid within 60 days of settlement into a BOQ transaction account (or credited to the home loan if none exists)

Pros

  • Clear and simple cashback for eligible buyers

Cons

  • Branch application required

Return to First Home Buyer Offers

Credit Union SA

$2,000 Cashback (limited eligibility)

Eligibility

  • Who it’s for: Current or retired employees of the South Australian Education Community, students studying education, or eligible immediate family members
  • Min loan amount: $300,000
  • Max LVR: 80%
  • Loan purpose: Purchasing a home

Exclusions

  • Not available on construction loans

Notes

  • Check with Credit Union SA for full T&Cs and eligibility criteria

Pros

  • Simple cashback structure for eligible borrowers

Cons

  • Very limited eligibility

Return to First Home Buyer Offers

Summerland Bank

$2,000 Cashback

Eligibility

  • Borrower type: First home buyers
  • Min loan amount: Above $250,000
  • Eligible products: Eco Home Loan, Basic Variable Home Loan, Premium Home Loan, Fixed Rate Home Loan, and Investment loans
  • Borrower types: Owner-occupier and investors

Notes

  • Check Summerland Bank for all cashback T&Cs

Pros

  • Wide range of eligible products

Cons

  • Cashback amount is lower than some first home buyer offers

Return to First Home Buyer Offers

Return to top

Why Do Lenders Offer Home Loan Cashback Deals?

Lenders use home loan cashback offers as a strategic marketing tool to attract new borrowers and retain existing ones. The competition in the home loan market is fierce, and cashback incentives help lenders stand out from the crowd.

Here's why lenders use cashback offers:

  1. Attract New Customers: Cashback offers are a compelling reason for borrowers to switch lenders, especially when coupled with competitive interest rates.
  2. Retain Borrowers: Some lenders offer cashback deals to current customers to prevent them from refinancing with a competitor.
  3. Market Differentiation: With so many lenders offering similar products, cashback deals are a quick way for a bank to set itself apart.
  4. Increase Loan Book Size: Attracting high-value borrowers increases the lender’s total loan book, which is essential for their business growth.

Return to top

How Can Cashback Offers Benefit Borrowers?

For borrowers, refinance cashback incentives or cashback home loans can provide significant financial benefits, particularly for those refinancing or switching to a lower interest rate. Here’s how cashback deals help borrowers:

  1. Offset Refinancing Costs: Refinancing a home loan can come with costs like mortgage discharge fees, valuation fees, and new lender application fees. A cashback offer can offset or even completely cover these expenses.
  2. Boost Your Cash Flow: A lump sum cashback can provide immediate cash, which borrowers can use for renovations, debt consolidation, or savings.
  3. Reduce Loan Principal: Some borrowers use their cashback payment to reduce the principal on their home loan, which can lower overall interest costs.
  4. Sweeten the Refinancing Deal: When combined with a lower interest rate, cashback deals make refinancing even more appealing.

Return to top

Are Cashback Offers Worth It?

The appeal of a refinance home loan cashback is clear, but is it worth it? The answer depends on the borrower's unique situation. Let’s explore the benefits and potential pitfalls.

Example of Refinancing Savings

Consider this example:

  • Current Loan Amount: $600,000
  • Current Interest Rate: 6.38%
  • New Interest Rate After Refinancing: 5.99%
  • Loan Term: 25 years (Principal and Interest repayments)

Monthly Repayment Comparison

  • Current Loan Payment: $3,880/month
  • New Loan Payment: $3,724/month

By switching to a lower rate, the borrower would save $156 per month or approximately $1,872 per year. Over a 25-year period, this equates to a massive $46,800 in savings.

Now, add a $4,000 cashback offer into the mix. This cashback could help cover refinancing costs, pay down the principal, or even be used for household expenses.

Cashback deal vs lower rate refinance comparison

Refinancing with no cashback and a lower rateRefinancing with cashback and a higher rate
Loan amount$800,000$800,000
Interest rate5.75%6.00%
Cashback$0$2,000
Monthly repayments$4,669$4,796 (+$128)
Establishment fee$350$350
Discharge fee$395$395
Time it would take for interest savings to cancel out cashback16 months

This is a hypothetical comparison based on a 25-year loan term and may not include all fees or charges.

The Role of Mortgage Brokers Like Craggle

Lenders use cashback offers as a way to capture new borrowers, but it’s not always the best deal for everyone. That’s where a Mortgage Broker like Craggle can help.

Mortgage brokers operate under the Best Interest Duty, meaning they are legally required to act in the best interests of the borrower. They can help borrowers assess whether a home loan cashback offer is truly beneficial when factoring in interest rates, fees, and long-term costs.

Here’s why working with a broker like Craggle is a smart move:

  1. Unbiased Advice: Brokers aren't tied to a single lender, so they compare offers across multiple lenders.
  2. Expert Guidance: Brokers handle the entire refinancing process, from assessing eligibility to final settlement.
  3. Cost Transparency: Brokers identify potential costs like discharge fees, valuation fees, and application fees.
  4. Best Interest Duty Compliance: Unlike banks, brokers are legally required to act in your best interest, ensuring you get the most suitable deal.

Return to top

Costs of Refinancing a Home Loan

While cashback offers may seem appealing, there are associated costs with refinancing a home loan. Here are the potential expenses to consider:

  1. Discharge Fees: Charged by your current lender to close the loan, typically between $150 and $350.
  2. Application Fees: Charged by the new lender for setting up the loan, which can range from $200 to $600.
  3. Valuation Fees: The new lender may require a valuation on your property, with costs between $200 and $700.
  4. Break Fees: If you are currently on a fixed-rate loan, break fees can be significant, especially if interest rates have fallen since you locked in your rate.

Return to top

The Role of Mortgage Brokers Like Craggle

Lenders use cashback offers as a way to capture new borrowers, but it’s not always the best deal for everyone. That’s where a Mortgage Broker like Craggle can help. Mortgage brokers can evaluate a home loan refinance offer for its true value by considering the overall package, including interest rates, fees, and long-term financial goals. This ensures that borrowers make informed decisions and don’t just focus on the immediate cashback.

How Mortgage Brokers Add Value:

  1. Unbiased Advice: Brokers assess multiple lenders to find the most competitive offers, including cashback deals and refinance options.
  2. Expert Guidance: From understanding the terms of a cashback deal to navigating refinancing costs, brokers provide end-to-end support.
  3. Cost Transparency: They identify hidden fees in refinancing that could offset the benefits of a refinance cashback offer.
  4. Best Interest Duty Compliance: Brokers prioritise the borrower’s financial goals, ensuring the best possible outcome.

Conclusion

A home loan refinance offer, especially one paired with a cashback incentive, can be an effective strategy to reduce refinancing costs and improve your financial position. However, borrowers must weigh all associated costs and consider their long-term goals. Mortgage Brokers like Craggle can help you navigate the complexities of refinancing, ensuring you maximise the benefits of cashback home loans while minimising hidden expenses.

Borrowers should consider the role of Mortgage Brokers like Craggle, who operate under the Best Interest Duty, providing peace of mind that the advice given is in the borrower's best interests. Craggle can compare cashback home loans, navigate eligibility criteria, and help you understand the real costs associated with refinancing.

When used wisely, refinance home loan cashback deals can be a valuable tool to improve your financial position. But with so many offers in the market, it’s essential to make an informed decision. Whether you’re seeking to lower your interest rate or secure one of the best home loan cashback offers, working with a broker can ensure you get the best possible outcome.

Return to top

Home Loan Cashback Frequently Asked Questions

What is a cashback home loan?

A cashback home loan is an offer where the lender provides a cash payment when you refinance or switch your home loan to them.

How do I qualify for a cashback offer?

You’ll typically need to meet minimum loan size, LVR limits, and settle the loan within a set timeframe. Each lender’s criteria are different.

Are cashback refinance offers worth it?

They can be, especially if paired with a lower interest rate. But consider fees, break costs, and your financial goals before deciding.

Can I get a cashback offer as a first-time home buyer?

Cashback offers are usually for refinancers, but some lenders may extend offers to first-time buyers.

Can a mortgage broker get me a better cashback offer?

Yes, brokers have access to multiple lenders and can find cashback offers that suit your situation.

How much can I get from a cashback offer?

Offers range from $1,000 to $10,000, depending on the lender and loan size.

Return to top


Disclaimer: The opinions expressed in this article are strictly for general informational and entertainment purposes only and should not be taken as financial advice or recommendations. While every effort is made to ensure the listed offers are accurate, we make no guarantee regarding their accuracy, completeness, or availability.