Is your own 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 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.
Home loan refinance offers and deals: October 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.
The tables above show home loan cashback offers from our database. You can also see a selection of home loan refinance offers from lenders’ websites below. Note that any of these offers may be withdrawn at any time and terms and conditions will apply.
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 February 2027.
BankVic – up to $4,000 cashback (limited eligibility)
$4,000 cashback for BankVic members who are current police employees or retired police, or $3,000 for other current BankVic members. Cashback is available for refinances or purchases with a loan amount of at least $350,000 and an LVR of 80% or less. Serving police, health, emergency service and Government department workers and their families can join BankVic as members. See lender’s website for further T&Cs.
Expires: Offer valid until further notice.
Credit Union SA – $2,000 cashback (limited eligibility)
$2,000 cashback when you purchase or refinance a property from another financial institution, with a minimum borrowing amount of $300,000 (new borrowings) and an LVR of 80% or less. Note that this offer is only available to current or retired employees of the South Australian Education Community, students carrying out studies in education, or their eligible immediate family members. See lender’s website for further T&Cs.
Expires: Offer valid until further notice.
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 $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.
Right now, Qantas Money is also offering 200,000 Qantas Points up front for every new home loan above $500,000. Applications must be made by 27 October 2026 and settled by 27 April 2027. Check their website for further T&Cs.
Expires: Offer valid until further notice.
Reduce Home Loans – $3,000 cashback
Get $3,000 cashback when refinancing an eligible home loan of over $700,000 with an LVR of 80% or less.
Expires: Offer valid until further notice.
First home loan offers and deals
While first home buyers are eligible for many of the deals above, there are some deals that are targeted specifically towards those purchasing their first home.
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 1 October 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.
