What is a Home Loan Cashback Offer
A cashback is a payment from a lender to you after your home loan settles. Banks use these payments to attract borrowers to their products, particularly when you refinance an existing loan or take out a new one to buy a property. The cashback arrives as a direct payment into your account, typically within 60 to 90 days after settlement. Some lenders also offer rewards points, fee waivers, or vouchers instead of cash.
Cashbacks are available on both purchase and refinance loans, though most offers in August 2026 target refinancers. The amounts range from $2,000 to $4,000 depending on the lender, your loan size, and sometimes your occupation or membership status.
The payment itself is separate from your loan. It does not reduce your loan balance or affect your interest rate. You receive it after settlement and can use it however you choose.
Refinance Cashback Offers Available in August 2026
BOQ offers $2,000 for refinances of $400,000 or more, provided your loan-to-value ratio sits at 80% or lower and you settle within 120 days of application. BankVic pays up to $4,000 for eligible members who work in policing, and $3,000 for other member groups, on loans from $350,000 at a maximum 80% LVR. Credit Union SA offers $2,000 to South Australian Education Community employees and their families on refinances of $300,000 or more at 80% LVR or below.
Greater Bank provides up to $3,000 on eligible refinances, while IMB Bank offers tiered cashbacks up to $4,000 based on loan size, capped at 80% LVR. ME Bank pays $3,000 on refinances of $700,000 or more at 80% LVR or below, but only for applications lodged between 1 May and 28 August 2026. Newcastle Permanent offers up to $3,000, Reduce Home Loans pays $3,000, and Tiimely provides up to $3,000 on fixed-rate loans.
Most of these offers require you to settle within 90 to 120 days and hold the loan for at least 12 to 24 months. If you refinance again or discharge the loan early, you will usually need to repay the cashback in full.
If you are weighing up your options and want to understand which offer genuinely suits your situation, call one of our team or book an appointment at a time that works for you.
Get help choosing the right cashback offer for your situation.
First Home Buyer Cashback Offers
ANZ offers a $3,000 cashback for eligible first home buyers who take out select ANZ home loans of $250,000 or more to purchase or construct a property. The offer applies to both variable and fixed-rate products, provided you meet ANZ's first home buyer criteria and settle within the offer period.
This is one of the few cashback offers specifically designed for first home buyers rather than refinancers. If you are buying your first property and your loan size meets the threshold, the ANZ cashback can help with immediate post-settlement costs like furniture, minor repairs, or building up a buffer in your offset account. You can read more about the broader support available in our guide to home loans for first home buyers.
ME Bank LMI Cashback Offer
From 18 August 2026, ME Bank offers a $2,000 cashback to borrowers who pay Lenders Mortgage Insurance. To qualify, your total new lending must be at least $400,000, your LVR must sit between 80.01% and 95%, and you must settle within 120 days. You also need to open a SpendME transaction account.
The offer applies to both EconoME and CompleteME products for owner-occupied and investment properties. This cashback is designed to offset part of the LMI premium you pay when borrowing above 80% LVR. Consider a buyer who borrows $450,000 at 90% LVR. Their LMI premium might be around $10,000 to $12,000. The $2,000 cashback does not eliminate that cost, but it does reduce the immediate financial impact at settlement.
If you are weighing up whether to pay LMI or wait until you have saved a larger deposit, this cashback can be factored into the calculation. For more on how LMI works and when it makes sense to proceed with a smaller deposit, see our article on low deposit loans for first home buyers.
Rewards Points and Other Incentives
Commonwealth Bank offers up to 300,000 Qantas Points on eligible Digi Home Loans of $300,000 or more with an LVR of 80% or lower. Applications must be submitted between 1 September 2025 and 30 September 2026, with settlement by 31 December 2026. Qantas Money offers 100,000 Qantas Points per year for up to 30 years on eligible refinanced home loans.
BankWAW offers a $2,000 gift voucher for refinancers, though the voucher must be used at businesses in the BankWAW region covering north-east Victoria and southern NSW. If you refinance or discharge the loan within 24 months, you must repay the full voucher amount.
Points-based offers can be valuable if you already use a rewards program and would otherwise pay for flights or travel. If you do not fly regularly or do not hold a Qantas account, the cash equivalent of 300,000 points is roughly $1,500 to $2,000 depending on how you redeem them. That makes a $3,000 cash payment more valuable in most cases.
Common Eligibility Requirements for Cashback Offers
Most cashback offers require a minimum loan amount, typically between $250,000 and $700,000 depending on the lender. Your LVR must usually sit at 80% or below, though a few offers extend to 95% LVR if you are paying LMI. You need to settle within a set timeframe, usually 90 to 120 days from application.
You must keep the loan open for a minimum period, typically 12 to 24 months. If you refinance or discharge early, the cashback becomes repayable. Some lenders also require you to open a linked transaction or offset account, and a few restrict the offer to specific membership groups or occupations.
Read the offer terms carefully before you apply. The cashback is not automatic. You need to meet every condition, and the lender will typically ask you to confirm your eligibility at settlement.
Costs Associated with Refinancing
Refinancing involves upfront costs that can reduce or eliminate the benefit of a cashback. Most lenders charge an application fee between $300 and $600. Your current lender may charge a discharge fee, typically $300 to $400. If you are leaving a fixed-rate loan early, you may also face break costs, which can run into thousands of dollars depending on how much rates have moved since you fixed.
Your new lender will require a property valuation, which costs around $200 to $400 unless the fee is waived. Settlement fees and legal costs add another $300 to $600. In total, refinancing can cost between $1,200 and $2,500 before you account for any break costs.
If you are refinancing to claim a $2,000 cashback, those costs can consume most or all of the benefit. The refinance only makes sense if you are also moving to a lower interest rate that will save you more than the upfront costs over the next 12 to 24 months. For more on when refinancing makes financial sense, see our guide to home loan refinancing.
How Cashback Payments are Typically Made
Most lenders pay the cashback into your nominated bank account within 60 to 90 days after settlement. A few lenders credit the cashback directly to your new home loan account, which reduces your loan balance instead of giving you access to the cash.
You will need to keep the loan open for the full clawback period, usually 12 to 24 months. If you refinance again or discharge the loan before that period ends, you must repay the cashback in full. Some lenders will invoice you directly, while others will deduct the amount from your loan payout.
Check the payment method and clawback terms before you commit. If you need the cashback to cover immediate costs like removalist fees or minor repairs, make sure the lender pays it as cash rather than crediting your loan balance.
A cashback offer can help offset the upfront costs of refinancing or buying a property, but it should not be the only reason you choose a lender. The interest rate, loan features, and long-term costs matter more than a one-off payment. If you are weighing up your options and want to understand which offer genuinely suits your situation, call one of our team or book an appointment at a time that works for you.
Frequently Asked Questions
What is a home loan cashback offer?
A cashback is a payment from a lender to you after your home loan settles. Banks use these payments to attract borrowers, particularly for refinances or new purchase loans. The cashback is paid into your account, typically within 60 to 90 days after settlement, and is separate from your loan balance.
How much are home loan cashbacks in August 2026?
Cashback offers in August 2026 range from $2,000 to $4,000 depending on the lender, your loan size, and sometimes your occupation or membership. Most require a minimum loan amount between $250,000 and $700,000 and an LVR of 80% or below.
Do I have to repay a home loan cashback?
You must repay the cashback in full if you refinance or discharge the loan before the clawback period ends, typically 12 to 24 months. Some lenders will invoice you directly, while others deduct the amount from your loan payout.
Are cashback offers worth it when refinancing?
Cashback offers are only worth it if the payment exceeds your refinancing costs and you are also moving to a lower interest rate. Refinancing typically costs between $1,200 and $2,500 in fees, so a $2,000 cashback may only just cover those expenses without delivering any real benefit.
Can first home buyers get cashback offers?
Yes, ANZ offers a $3,000 cashback for eligible first home buyers who take out select ANZ home loans of $250,000 or more to purchase or construct a property. Most other cashback offers in August 2026 are targeted at refinancers rather than first home buyers.
