Home loan refinance cashback offers & deals

The Reserve Bank of Australia (RBA) has increased the cash rate three times so far in 2026 and, with rising inflation and uncertainty surrounding the Middle East conflict, more hikes might be on the way. When the central bank moves, banks and lenders tend to adjust home loan rates accordingly.

Is your home loan rate still cutting the mustard? Are you worried about variable rates going up and thinking about refinancing to a fixed rate instead? If you’re looking to switch to a new loan with a better rate, many banks and lenders offer incentives in the form of cashback or rewards points to win your business.

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

Best home loan refinance offers and deals: June 2026

Home loan refinance offers typically see a bank or lender offering an incentive to take out one of its products – perhaps a cashback or fee waiver, or even gift cards or rewards points.

Here’s a selection of home loan lenders on our database offering some form of refinance offer at the time of writing. Note that any of these offers may be withdrawn at any time and terms and conditions will apply.

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 should also confirm the details of a particular offer before making an application.

Bank of Queensland (BOQ) – $2,000 cashback

Get a $2,000 cashback when you refinance a home loan with BOQ, settling within 120 days of the loan application date.

Eligible borrowers need to be refinancing a minimum home loan balance of $400,000 with a maximum loan-to-value ratio (LVR) of 80%. This offer isn’t available to those refinancing, restructuring, or switching a home loan from BOQ or the BOQ Group, which includes BOQ Specialist, ME Bank, and Virgin Money.

Expires: 28 August 2026.

Commonwealth Bank – up to 300,000 Qantas Points

Earn up to 300,000 Qantas Points when you take out an eligible Digi Home Loan worth $300,000 or more with an LVR of 80% or less. To qualify, applications need to be submitted online between 1 September 2025 and 30 June 2026 and the loan must settle by 28 September 2026. The offer is available for both new owner-occupier and investor loans and those being refinanced from another lender.

Expires: 30 June 2026.

Defence Bank – $3,000 cashback

Get $3,000 cashback when refinancing an eligible home loan with a balance of at least $300,000 and an LVR of 80% or less.

Expires: 30 June 2026

Greater Bank – up to $3,000 cashback

• $2,500 cashback for home loans worth $250,000 to $499,999
• $3,000 cashback for home loans worth $500,000 or more

To be eligible, a mortgage must have an LVR of 80% or less and applications must be submitted online. Excludes refinances from Greater Bank or Newcastle Permanent.

Expires: Offer valid until further notice.

IMB Bank – up to $4,000 cashback

• $2,000 cashback for home loans worth $250,000 to $499,999 
• $3,000 cashback for home loans worth $500,000 to $749,999
• $4,000 cashback for home loans worth $750,000 or more

Eligible loans must have an LVR of 80% or less. There’s a limit of one cashback per eligible application per 12-month period.

Expires: Offer valid until further notice.

ME Bank – $3,000 cashback

Get a $3,000 cashback when you refinance a home loan with a balance of at least $700,000 and a maximum LVR of 80%. The offer is open to owner occupiers and investors and is not available to borrowers refinancing from ME or a Bank of Queensland Group brand, including BOQ and Virgin Money Australia. Offer excludes construction loans and owner-occupier loans with interest-only repayments.

Expires: 28 August 2026

Newcastle Permanent – up to $3,000 cashback

• $2,500 cashback for home loans worth $250,000 to $499,000
• $3,000 cashback for home loans worth $500,000 or more

Eligible home loans must have an LVR of 80% or less. The offer excludes loans being refinancing from Greater Bank, which is a part of NGM Group. Cashbacks are limited to one per eligible application per 12-month period.

Expires: Offer valid until further notice.

Qantas Money – 100,000 Qantas Points every year

Earn 100,000 Qantas Points every year (for up to 30 years) when you refinance an eligible home loan to Qantas Money.

Expires: Offer valid until further notice.

Reduce Home Loans – $3,000 cashback

Get $3,000 cashback when refinancing an eligible home loan with an LVR of 80% or less.

Expires: Offer valid until further notice.

Tiimely – up to $3,000 cashback

• $1,000 cashback for fixed-rate loans worth $500,000 to $1,249,000
• $2,000 cashback for fixed-rate loans worth $1,250,000 to $1,749,000
• $3,000 cashback for fixed-rate loans worth $1,750,000 or more

The offer is available on its two- and three-year fixed rate home loans and is open to owner occupiers and investors.

Expires: Available until further notice.

First home loan offers and deals

ANZ – $3,000 first home buyer cashback

A $3,000 cashback is available to eligible first home buyers who take out select ANZ home loans worth $250,000 or more in order to purchase or construct a property.

Expires: Available until further notice.

Source: The information was taken from the website of lenders as at 4 June 2026. All home loan cashback offers may be subject to change or withdrawal at any time.

Are home loan refinance offers worth it?

If you feel the rates and fees on your current home loan are too much, or if you’re ready for a change, you might consider 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’s important to do your research to find out if you’re actually getting a good deal.

It may not be worth choosing a lender or product simply because of a sign-up offer. After all, $1,000 cashback may not reflect good value overall if you’re paying large break fees or you’re facing a higher interest rate than you could find elsewhere.

As a hypothetical example, over the life of a $600,000, 30-year principal and interest loan, a borrower could pay $837,053 in interest with an interest rate of 7.00% or $695,029 with an interest rate of 6.00%, according to Canstar’s home loan repayment calculator. That extra percentage point may not seem significant now but, over 30 years, it could mean paying $142,024 more in interest.

The fees charged and features that come with a loan, like an offset account or redraw facility, could also play a part in determining whether a loan with a cashback or points offer is a good deal for you.

Do your own research, compare different home loan products and lenders, and decide which loan is best for you based on what you need–the most suitable choice may be one without a sign-up offer attached.

How to find the best home loan refinance offers

When weighing up potential offers to find one suitable for you, it may help to consider the pros and cons of each. Some potential upsides of refinance cashback and points offers can include:

• The cashback can cover the costs of switching: There are usually costs associated with switching home loans, and the cash you receive from your new provider could help cover related expenses.
• An incentive to shop around: If you’ve been with the same home loan provider for a while and feel you’re paying too much, a cashback or points 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 that suits your needs, then the bonus cashback could be a nice boost.

There are potential downsides though:

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

How to apply for a home loan when refinancing

Refinancing a home loan is a similar process to applying for one in the first place. Canstar has a guide on what to do when applying.

When you apply, you’ll be expected to provide information including:

• Photo ID like a driver’s licence or passport
• Details of your employment and earnings, typically in the form of payslips or tax returns
• Bank and credit card statements
• A breakdown of your assets (property, savings, shares) and liabilities (credit cards and other debts)
• A breakdown of your household expenses
• Details of your current home loan and property

Whether you’re 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 – whether fixed rate or variable rate for owner-occupiers and investors – may offer outstanding value.