Home loan cashback frenzy takes off

Autumn property season is here, and it's brought with it a frenzy of home loan cashback offers for refinancers as lenders battle it out to attract quality borrowers. 

22 lenders in the Mozo database currently have cashback deals on the table for eligible refinancers, with Bank of Queensland and HSBC offering the most generous cashbacks of $3,000 or more.

Both of these lenders are also offering up some seriously competitive rates into the bargain, making March an ideal month for would-be refinancers to shop around and see what sort of savings are on the table.

Savvy switchers who act fast to snap up one of these limited time only specials could save a tonne, and with talk of interest rates going up as early as 2022 the smart money is on getting a cheaper home loan now to protect against rate rise pain.

To help you cash in on the savings, the Mozo Editors have rounded up 3 of the top refinance cashback offers on the market now….


Bank of Queensland - Discount Fixed Rate
  • $3,000 cashback for refinancers
  • 4-year fixed rate of 1.99% (2.90% comparison rate*)
  • Make up to $5,000 extra repayments annually
Find out more

BOQ is laying down one of the lowest 4-year fixed rates around at just 1.99% (2.90% comparison rate*) for owner occupiers. The Discount Fixed Rate also gives borrowers the option of making up to $5,000 in extra repayments per year, though there are a number of fees involved including a $10 monthly service fee. How about the cashback deal? Borrowers can receive $3,000 cashback when they refinance a loan of at least $250,000 (max. 80% LVR) with BOQ when they apply before 26 February and settle the loan by 28 May, 2021.

HSBC - Fixed Rate Home Loan
  • Bonus $3,288 cashback
  • 1.88% fixed rate for 2 years (2.86% comparison rate*)
  • Free additional repayments (up to $10k/year)
Find out more

This cracking new fixed rate home loan from HSBC features a market leading 2-year fixed rate of 1.88% (2.86% comparison rate*) and a range of flexible features. Borrowers have the chance to pay off their loan faster via free extra repayments (up to $10k per year) and can choose to split their loan between fixed and variable rates. HSBC also has a limited time cashback offer: eligible borrowers will receive $3,288 cashback when they apply to refinance a loan of $250,000 (max. 80% LVR)  or more by 30 April and settle it by 30 June, 2021.

Newcastle Permanent - Special Fixed Rate Home Loan
  • $2,000 cashback bonus for refinancers
  • 4-year fixed rate of 1.99% (3.45% comparison rate*)
  • Extra repayments and redraw facility
Find out more

A low rate and handy features? That’s what’s on offer with Newcastle Permanent’s Special Fixed Rate Home Loan. While there is a $395 yearly service fee, owner occupiers can lock in a 4-year fixed rate of 1.99% (3.45% comparison rate) and make use of extra repayments and a redraw facility. Plus refinancers can even score some extra cash! Newcastle Permanent is giving $2,000 cashback when you refinance a home loan of $250,000 or more (max. 80% LVR) from another institution, as long as you apply by 31 March and are funded by 31 May, 2021.

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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.

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