Lenders offering $2000 cashback and points to refinance your home loan

By Cameron Thomson · · 3 min read
Fact Checked
Advertiser disclosure
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Thinking about switching your mortgage in 2023? You might not know it, but refinancers are still in demand, with some lenders throwing a bit extra at eligible borrowers looking to switch to a new home loan. 

We’re not just talking about competitive interest rates either, because a host of lenders are also offering extra incentives like cashback offers.

While there aren't as many cashback offers available like at the beginning of the year, some providers are still offering some great deals for refinancers looking to switch. 

What is a refinanced home loan cashback offer?

Basically, a home loan refinance cashback offer is when the bank offers you a lump sum of money to switch your home loan over to them. 

However, it’s not just about the cashback offer. You’ll also want to look for a more competitive interest rate, especially since interest rates have led many borrowers to have increasingly larger repayments. 

A lot of refinancers will find themselves comparing their current repayments to what they could get with a refinanced home loan with a cashback offer and deciding the switch will put them in a better position. Plus, it’s up to you what you do with your cashback—you can put it in your offset account, savings, home reno, or more.  

What can I get for a cashback home loan?

If you’re looking to refinance your home loan with a cashback offer, it’s important to look at what other features you’ll get alongside it as well, such as what you’ll be paying in upfront and/or ongoing fees—and even better if they’re low or no fees!

Another great feature to look for when refinancing your home loan with a cashback offer is that you can make free extra repayments. Making free extra repayments is a great way of lowering the interest you pay on your loan and can reduce the length of it over time. 

And who’s to say you can’t grab a great rate as well, along with all these great features and a cashback deal while you’re at it? To help you start comparing we’ve wrapped up some competitive refinance offers below.

CASHBACK HOME LOANS

ANZ Simplicity PLUS special offer
  • $2,000 cashback
  • 6.44% p.a. (6.44% p.a. comparison rate)
  • Extra repayments and redraw

Looking to refinance your home loan with one of the big four? With a home loan of over $250,000 with an LVR of 80% or less, you could get $2,000 cashback (T&Cs apply) with ANZ’s Simplicity PLUS Home Loan Special Offer. Apply and get discounted rates upfront, provided your loan meets the eligibility criteria (T&Cs apply). You’ll also pay $0 in set-up or ongoing fees.

But what about loan features? You’ll have a range of options to choose from in terms of payment frequency at weekly, fortnightly, and monthly. Plus, if you’ve got any extra cash on hand, you’ll be able to make extra repayments and free redraws.

Newcastle Permanent Variable Home Loan (Premium Plus Package)
  • $2,000 cashback for loans of $250,000 or more (T&Cs apply)
  • Bonus $1,000 cashback for loans of $500,000 or more
  • 6.13% p.a. variable rate (6.47% p.a. comparison rate*)
Find out more

While there is a $395 yearly service fee, owner occupiers with an LVR below 80% can receive a variable rate of 6.13% p.a. (6.47% p.a. comparison rate*) and make use of extra repayments, a free redraw facility, and an offset account. 

Plus Newcastle Permanent is offering $2,000 cashback when you refinance a loan of $250,000 or more (max. 80% LVR) from another institution, and a bonus $1,000 if you're refinancing $500,000 or more. This offer will be available from 21 August 2023 until the offer is withdrawn.

QANTAS POINTS EARNING HOME LOAN

If you're a Qantas Frequent Flyer member, you might like to consider a points earning home loan. While a one-off cash bonus is nice, this home loan could see you scoring the points to take yourself on holidays every year for the life of your loan.

Qantas Money Variable Home Loan
  • 6.03% p.a. variable rate (6.09% p.a. comparison rate*)
  • 100,000 Qantas Points per year (T&Cs apply)
  • Just 10% deposit required for loans under $2M
Find out more

Be rewarded with 100,000 Qantas Points every year for the life of your home loan (T&Cs apply) with a Qantas Money Home Loan. Featuring a competitive variable rate and an easy and fast online application process, you’ll be able to borrow from $300K anywhere up to $3M. You'll need to be a Qantas Frequent Flyer Member but you can sign up for free from Qantas Money and save the $99 fee. 10% deposit required.

LOW RATE HOME LOAN COMPARISONS - last updated 5 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, Refinance Only, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.74% p.a. variable
    5.65% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details
  • Home Variable Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

    Go to site
    Details
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.39% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    Go to site
    Details
  • Mozo Expert Choice Badge
    Variable Rate Home Loan Special Offer

    Package, Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.51% p.a.

    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

    Go to site
    Details
  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.43% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.

    Details

Cashback Home Loan FAQ

Do all home loan providers offer cashback rewards?

No, cashback offers for refinanced home loans will usually vary depending on the provider. Cashback offers will usually be advertised on the home loan refinance product.

Are cashback offers only for owner-occupiers?

It depends on the lender, but a lot of home loan providers who have cashback offers with their products offer them to both owner-occupiers and investors.

Who is eligible for a cashback offer?

Cashback offers are intended for borrowers who want to refinance an existing home. Generally, this is to incentivise borrowers to switch with the provider who is offering the cashback offer.

What is a home loan refinance?

A home loan refinance is when a borrower pays off their home loan with a new home loan, effectively jumping over to a new home loan provider. 

Why would you want to refinance your home loan?

There are a few reasons why borrowers would want to refinance their home loan. Chief among them will usually be that borrowers are looking for a home loan provider that offers a more competitive interest rate. There are other reasons as well such accessing handy features (like offset accounts) or a cashback offer.

Why would you opt for a cashback offer?

If you were going to refinance for a cashback offer, there are a lot of ways you might use the money. However, cashback offers can be useful for borrowers who—alongside refinancing their home—want to do something like a renovation. 

To compare even more offers available to refinancers, as well as other types of borrowers, head on over to the Mozo home loan comparison hub.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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