Home loan refinance cashback offers & deals
06 Oct 2021
While special offers can be attractive for some customers seeking a home loan, it may not be 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.
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 good value. A selection of the home loans on Canstar’s database are shown below, or you can skip straight to the latest special offers we’ve found:
Home loan rebates and refinance cashback offers
Home loan cashback offers typically involve a bank or other kind of 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 that are offering some form of cashback offer or rebate at the time of writing, but please note that any of these offers may be withdrawn by the provider at any time.
The offers listed below are sorted by our Online Partners first and then alphabetically by provider name. Canstar may earn a fee for referrals. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation and Target Market Determination to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loans comparison table to view a wider range of home loan products.
HSBC – up to $3,288 refinance cashback
Up to $3,288 cashback available when you refinance from a financial institution other than HSBC Bank Australia, based on an application received by 31 December, 2021 and settled by 28 February, 2022. The offer is only available once per customer and a minimum refinance amount of $250,000 applies. The offer is available for HSBC’s Home Value Loan, Standard Variable Rate Home Loan and 2 Year Fixed Rate Loan products. HSBC says the offer excludes construction loans, bridging loans and principal increases, non-residents and non-natural persons (such as trusts and companies). Check with HSBC for full T&Cs. Expires: 31/12/2021
Newcastle Permanent – $2,000 refinance cashback
$2,000 cashback available for switching from another financial institution for both owner-occupied and investment home loans. Minimum loan size of $250,000, and maximum LVR of 80%. Applications must be made by 17 December, 2021, and the loan must be funded by 28 February, 2021. T&Cs apply. The $2,000 cashback will be deposited after settlement to an eligible NPBS Everyday Account. Expires: 17/12/2021
St.George Bank – $3,000 refinance cashback
St.George is offering $3,000 cashback when you apply to refinance by 30 November, 2021, and settle by 28 February, 2021. The offer is available for owner-occupier (P&I repayments) and residential investment loans with an LVR of less than 90%. The offer is available on St.George’s Advantage Package home loans, with a $395 annual fee, and Basic Home Loans, which have no annual fee. The offer is available for loans of $250,000 and up, and is available only once per primary applicant within a 12-month period. The offer excludes refinances from within the Westpac Group. T&Cs apply. Expires: 30/11/2021
Virgin Money – $3,000 refinance cashback
$3,000 cashback available on refinance applications received by 30 November, 2021, and settled by 28 February, 2022 to the Virgin Money Reward Me Home Loan. Minimum loan amount $300,000 and up to 80% LVR. Not available for refinancing or restructuring existing Virgin Money home loans. T&Cs apply. Expires: 30/11/2021
Westpac – up to $3,000 refinance cashback
Up to $3,000 cashback with $2,000 per refinanced property and a bonus $1,000 for a borrower’s first application received up to 30 November, 2021, and settled by 28 February, 2021. Available on owner-occupier loans with principal and interest repayments and investment loans, with an LVR of less than 90% (LMI may apply) and minimum $250,000 loan per property. Only available on Westpac’s Premier Advantage Package ($395 annual package fee applies) and Flexi First Option home loans. Excludes Equity Access Loans, switches and refinances of home loans within the Westpac Group, which includes St.George, Westpac, Bank of Melbourne, BankSA and RAMS. Offer not available for owner-occupier interest-only loans or residential lending started under family or company trusts. T&Cs apply. Expires: 30/11/2021
AMP ‒ $3,000 home loan cashback
AMP is offering $3,000 cashback for new refinance home loan applications by 31 October, 2021 and settled by 22 December, 2021. This offer is available on Professional Package, AMP First, Essential and Basic Home Loan products only, with a minimum loan amount of $500,000 and LVR equal to or less than 80%. The $3,000 cashback must be paid into an AMP bank offset account, AMP Bett3r or AMP Access account, and will be paid within 60 days of the settlement date.
Expires: 31/10/2021
Bank of Melbourne – $3,000 refinance cashback
Bank of Melbourne is offering $3,000 cashback when you apply to refinance by 30 November, 2021 and settle by 28 February, 2022. The offer is available for owner-occupier (P&I repayments) and residential investment loans with an LVR of less than 90%. The offer is available on Bank of Melbourne’s Advantage Package home loans, with a $395 annual fee, and its Basic Home Loans, which have no annual fee. The offer is available for loans of $250,000 and up, and is available only once per primary applicant within a 12-month period. The offer excludes refinances from within the Westpac Group. T&Cs apply.
Expires: 30/11/2021
BankSA – $3,000 refinance cashback
BankSA is offering $3,000 cashback when you apply to refinance by 30 November, 2021 and settle by 28 February, 2022. The offer is available for owner-occupier (P&I repayments) and residential investment loans with an LVR of less than 90%. The offer is available on BankSA’s Advantage Package home loans, with a $395 annual fee, and its Basic Home Loans, which have no annual fee. The offer is available for loans of $200,000 and up, and is available only once per primary applicant within a 12-month period. The offer excludes refinances from within the Westpac Group. T&Cs apply.
Expires: 30/11/2021
Bankwest – $2,000 refinance cashback
$2,000 cashback for eligible applicants who apply to refinance with Bankwest by 25 February, 2022. Loan must be funded by 30 April, 2022. Minimum refinance amount is $250,000. Maximum LVR of 90%. Excludes refinances from Bankwest and CommBank. Further eligibility requirements and T&Cs apply.
Expires: 25/02/2021
Bank of Queensland (BOQ) – $3,000 refinance cashback
$3,000 cashback available to new customers refinancing owner-occupier or investment home loans of $250,000 or more, with a maximum LVR of 80%. Only available on applications received between 12 October, 2020 and 31 October, 2021 (inclusive) and settled by 28 January, 2022. Applies to BOQ’s Clear Path, Economy, Intro Rate, or Fixed Rate home loan products only. Excludes refinancing, restructures and switches from within BOQ Group, including BOQ, Virgin Money and BOQ Specialist. T&Cs apply.
Expires: 31/10/2021
Commonwealth Bank – $2,000 refinance cashback
$2,000 cashback available for refinanced owner-occupier home loans, investment loans and Viridian lines of credit. Not available on bridging loans. Minimum refinance amount of $250,000 applies. New loans and top-ups are not included in the minimum refinance amount. Excludes refinances from CommBank and Bankwest. Applications must be received by 31 December, 2021, and loans funded by 31 March, 2022. T&Cs apply.
Expires: 31/12/2021
Credit Union SA – $2,500 cashback
$2,500 cashback available on eligible new home and investment property purchases, as well as refinancing from other lenders where the loan amount is $250,000 or more and the LVR is 80% or less. Excludes fixed-rate special offers and bridging loans. Alternatively, eligible borrowers can choose to take a reduced rate offer instead, on Credit Union SA’s Variable Home Loan Package or Discounted Variable Rate loans.
Expires: Offer valid until further notice.
ING – $3,000 refinance cashback
$3,000 cashback available for approved refinances to ING from another bank, if you apply before 31 December, 2021 and settle by 31 March, 2022. The application must include the refinance of an existing home loan from another lender and be for a total loan amount of at least $500,000. The new ING Home Loan must have a loan to value ratio (LVR) of 80% or less. An active ING Orange Everyday transaction account must be held in the same name(s) as the new ING Home Loan at the time the cashback is paid (which will occur within 70 days after settlement). T&Cs apply.
Expires: 31/12/2021
MyState Bank – $3,000 refinance cashback
$3,000 cashback available for approved refinances to MyState Bank from another bank, submitted by 31 October, 2021 and settled by 31 January, 2022. Maximum of one $2,000 cashback per application on loans of $250,000 or more with an LVR of less than 80%. Check with MyState Bank for full T&Cs.
Expires: 31/10/2021
NAB – $2,000 refinance cashback
$2,000 cashback available when you refinance an existing loan of $250,000 or more and have a NAB transaction account at the time of drawdown, which must occur between 7 September, 2021, and 31 October, 2021, unless extended. An eligible NAB bank account is required at the time of drawdown. Offer applies to individual applicants who are owner-occupiers or investors, and excludes refinances of First Home Loan Deposit Scheme loans, lines of credit, the NAB Portfolio Facility, the NAB Private Portfolio Facility, refinances into UBank, Medfin or Advantedge home loans, and loans for building and construction purposes. Non-residents, businesses, trusts and other non-natural persons, as well as those refinancing from NAB, UBank, Medfin or Advantedge home loans are also excluded. T&Cs apply.
Expires: 31/10/2021
RAMS – $4,000 refinance cashback
$4,000 rebate available when you refinance your home loan to a new RAMS Home Loan. Available on selected loans with a minimum amount of $250,000. Refinance offer excludes Line of Credit Loans, interest-only owner-occupier loans and switches and refinances from within the Westpac Group. Available on eligible applications received by 30 November, 2021, and settled by 31 January, 2022. Refinance offer is not available in conjunction with the New Purchase Buyer $2,000 Rebate, with separate T&Cs and eligibility requirements applying for both offers.
Expires: 30/11/2021
First home loan offers and deals
ANZ – up to $1,000 rebate on your conveyancing costs
Up to $1,000 conveyancing rebate if you’re an eligible first home buyer (including recipients of state or territory government first home buyer concessions). Only available for home loans of $250,000 or more. Apply by 29 July, 2022. T&Cs apply.
Expires: 29/07/2022
Credit Union SA ‒ $5,000 first home buyers grant
Credit Union SA offers a $5,000 first home buyers grant when you borrow at least $250,000 to purchase or build a first home with a LVR over 80% (Lenders Mortgage Insurance will apply, however).
Expires: Offer valid until further notice.
Great Southern Bank – $2,000 contribution towards first home deposit
As part of the Great Start promotion, $2,000 will be issued to eligible first home buyers who apply for a home loan to purchase or construct their first home between 1 June, 2021, and 31 December, 2021. Great Southern Bank says it will also waive the establishment fee as part of the same promotion. A security administration fee of $235 remains payable, however. For purchases, settlement must take place within 90 days from the promotion end date; for construction loans, the first drawdown must take place within 90 days from the promotion end date. Great Start will be paid once per property, regardless of the number of loans taken out or the number of applicants. The minimum loan amount is $250,000. T&Cs apply.
Expires: 31/12/2021
Source: Lenders’ websites as at October 6, 2021.
Consider comparing different home loans before committing
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 that’s higher than you could find elsewhere.
As a hypothetical example, according to Canstar’s home loan repayment calculator, over the life of a $400,000 principal and interest loan repaid over 25 years with monthly repayments, a borrower would pay $5,238 extra in total interest on a loan with an interest rate of 1.99%, compared to one with an interest rate of 1.90%. This assumes the interest rates stayed the same for the duration of the loans.
The fees charged and the features that come with the loan (e.g. an offset account, being able to make extra repayments) 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 could be 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.
Through our Home Loan Star Ratings and Awards, Canstar assesses thousands of mortgages from more than 100 providers across Australia, to help you compare home loans and find an outstanding value loan to suit your needs.
Original author Sean Callery. Updated by Alasdair Duncan. Main image source: jax10289/Shutterstock.com
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This article was reviewed by our Sub Editor Tom Letts and Sub Editor Jacqueline Belesky before it was updated, as part of our fact-checking process.
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