Home loan refinance cashback offers & deals

The Reserve Bank of Australia (RBA) has cut the cash rate three times this year, and when the central bank moves, banks and lenders tend to adjust their own home loan rates accordingly. Is your home loan rate still cutting the mustard? If you’re looking to switch to a new loan with a better rate, many banks and lenders offer incentives in the for of home loan cashback to try and win your business.

At the time of writing, some lenders are offering up to $4,000 cashback to tempt you into refinancing. That said, while special offers can be attractive for some customers, it’s generally not worth signing up for a particular product solely for a special deal. The fundamental aspects of the loan, such as its interest rate, fees and features, are still important considerations.

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Best home loan cashback offers and deals – September 2025

Home loan cashback offers typically involve a bank or lender offering you an incentive to take out one of its products. You may receive this in cash, or it can be taken out of the fees you’d otherwise be charged. You may also receive it in the form of gift cards for certain stores or brands.

Here’s a selection of home loan providers on our database offering some form of cashback offer or rebate at the time of writing, but please note that any of these offers may be withdrawn by the provider at any time.

Before committing to a particular home loan or lender, it’s a good idea to read the Key Facts Sheet (KFS), Target Market Determination (TMD) and other applicable product documentation. You may also want to confirm the full details of any particular offer with the lender before you make an application.

ANZ – $2000 refinance cashback

ANZ is offering $2,000 cashback when you refinance an eligible home loan of $250,000 and up. The offer is available for loans with an LVR of up to 80%, and the applicant must have an eligible ANZ account. Further eligibility requirements and T&Cs apply. 

Expires: Offer valid until further notice.

Bank of Queensland – $2,000 cashback

BOQ is offering $2,000 cash back for loans of $250,000 and over. The offer applies to new eligible home loans with an LVR of 80% or lower. Applications must be made by 30 September, 2025 and loans must be drawn down within 120 days of applying. Exclusions and T&Cs apply.

Expires: Applications must be made by 30 September, 2025.

Greater Bank – Up to $3,000 cashback

$2,500 cashback for eligible home loans of $250-$499k or $3,000 cashback for loans $500k and above for applications submitted via the Greater Bank Digital Home Loan application channel (online application) with 80% LVR or below. Excludes refinances from Greater Bank or Newcastle Permanent. Further eligibility requirements and T&Cs apply.

Expires: Offer valid until further notice.

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IMB Bank – Up to $4,000 refinance cashback

$2,000 cashback on eligible home loan refinances to IMB with a loan amount of $250,000 to $499,000, $3,000 on refinances with a loan amount of $500,000 to $749,000 and $4,000 on refinances with a loan amount of more than $750,000. LVR for all loans must be 80% or less. The offer is valid until further notice. There is a limit of one cashback per eligible application per 12-month period. Exclusions and T&Cs apply.

Expires: Offer valid until further notice.

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ME Bank – $3,000 refinance cashback

ME is offering $3,000 cashback to refinancers who take out a home loan of at least $700,000 with a maximum LVR of 80%. The offer is open to owner occupiers and investors who settle within 120 days of the application date. The offer is not available on refinances from ME or from other lenders within the Bank of Queensland Group, including BOQ and Virgin Money Australia. Offer excludes construction loans and owner-occupied loans with interest-only repayments. T&Cs apply and further eligibility requirements may also apply.

Expires: Offer valid until further notice.

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Newcastle Permanent – Up to $3,000 refinance cashback

$2,000 cashback on eligible home loan refinances to Newcastle Permanent with a loan amount of $250,000 to $499,000, or $3,000 on refinances with a loan amount of $500,000 and above. LVR for all loans must be 80% or less. The offer is valid until further notice and excludes refinances from Greater Bank, part of NGM Group. There is a limit of one cashback per eligible application per 12-month period. Exclusions and T&Cs apply.

Expires: Offer valid until further notice.

Queensland Country Bank – $4,000 cashback

Queensland Country Bank is offering $4,000 cashback on eligible new purchase or refinance home loans, with a loan amount of $300,000 or more and a minimum LVR of 80%. The offer is valid until further notice, and is available for applications submitted via Queensland Country Bank lenders (excludes brokers). Further exclusions and T&Cs apply, see lender’s website for details.

Expires: Offer valid until further notice.

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Regional Australia Bank – $2,000 cashback

Regional Australia Bank is offering $2,000 cash back for loans of $300,000 and over. The offer applies to new eligible home loans with an LVR of 80% or lower. Applications must be made by 30 September, 2025 and funded by 31 December, 2025. The cash back amount will be paid to your eligible Community Partnership Account within 90 days of the loan being funded. Exclusions and T&Cs apply.

Expires: Applications must be received by and approved by 30 September, 2025 and funded by 31 December, 2025.

First home loan offers and deals

ANZ – $3,000 first home buyer cashback

A $3,000 cashback bonus is available to help with the costs of buying a first home. The bonus is available for first home buyers who purchase or construct a property with an eligible ANZ home loan of $250,000 or more. Drawdown must be within 180 days of application.  T&Cs apply and further eligibility criteria may also apply.

Expires: Available until further notice.

Source: The information was taken from the website of lenders as at 2 September 2025. All home loan cashback offers may be subject to change or withdrawal at any time.

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Are refinance cashback offers worth it?

If you feel that the rates and fees on your current home loan are too much, or if you’re ready for a change, then you might be considering refinancing, and a home loan cashback deal can seem like a nice incentive. 

Keep in mind, though, that banks and lenders offer these deals because they want to attract your business, so before committing, it is important to do some research and find out if you are actually going to be getting a good deal.

Ultimately, it may not be worth picking a lender and its product just because the sign-up offer looks good. After all, $1,000 cashback when you take out your loan may not ultimately prove to be good value if you are paying an interest rate higher than you could find elsewhere.

As a hypothetical example, according to Canstar’s home loan repayment calculator, over the life of a $600,000 principal and interest loan repaid over 30 years with monthly repayments, a borrower would pay $824,798 in total interest with an interest rate of 7.00%, and $695,029 with an interest rate of 6.00%. That extra percentage point may not seem significant, but over 30 years, it can mean a difference of $129,769 in interest. 

The fees charged and the features that come with the loan (e.g. an offset account, or being able to make extra repayments without penalty) could also play a part in determining whether a loan with a cashback offer for signing up is likely to be a good deal overall.

It is a good idea to do your own research, compare different home loan products and lenders, and decide which home loan is best for you based on what you need, even if it doesn’t have a sign-up offer attached.

How to find the best home loan cashback offers?

When weighing up potential home loan cashback offers and trying to find a suitable one for you, it may help to weigh up the pros and cons of each offer. Some potential upsides of refinance cashback offers can include:

• The bonus cash can cover the costs of switching you loan: There are costs associated with switching home loans, and  the cash back you receive from your new provider could be helpful in covering this.
• An incentive to shop around: If you’ve been with the same home loan provider for a while and are feeling like you’re paying too much, a cashback offer can provide an incentive to switch.
• Bonus cash to spend on whatever you want: If the costs associated with breaking your current home loan are minimal, and you find a new provider with a loan that suits your needs, then the bonus cashback can be a nice boost.

It’s important to keep in mind some potential downsides though:

• Costs of breaking your current loan: Breaking out of a home loan can be costly, especially if you are leaving a variable rate loan early, and depending on your current provider, the  break fees you’re charged could be more expensive than the cashback you receive.
• Risk of switching to an unsuitable product: Before you take up a cashback offer, it’s worth weighing up the interest rate of the new home loan, as well as the fees and charges associated, as you may find the loan is not as competitive as others on the market.
• Strict eligibility criteria: The eligibility criteria for refinance cashback can be strict, so it’s important to make sure you’ll actually qualify before committing to a new home loan provider.

How to apply for a cashback home loan?

The process of applying for a home loan refinance is similar to that of applying for any other home loan. Canstar has a checklist of things to do when applying for a home loan, but in general, once you have done your research and found a suitable home loan option, you will either be able to apply with the new lender online, at a branch, or by visiting a mortgage broker.

When you apply, you will be expected to provide information including: 

• Your personal details (ID, passport, etc)
• Details of your employment status
• Details of your earnings, typically including payslips
• Bank and credit card statements 
• A breakdown of your assets and liabilities
• A breakdown of your household expenses
• Details of your current home loan and property

Whether you are a first home buyer, refinancing or buying your next home, Canstar’s Home Loan Star Ratings and Awards can help you get an overall picture of which home loans – including fixed and variable loans for owner-occupiers and investors – may offer outstanding value. 

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If you are thinking about refinancing an existing home loan and want to get an idea of which loans you may be eligible for, Canstar’s eligibility checker tool can help you understand your options and connect you with a mortgage broker.

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