Lenders offering up to $5,000 cashback and points to refinance your home loan

There are a number of lenders that reward you for refinancing your home loan.

One way is by offering you cashback, and according to the Mozo database, the highest cashback offer we can find is up to $5,000 – this is available if you refinance with The Mutual Bank.

While much less common, another perk you can get from refinancing your mortgage is earning rewards points from providers such as Qantas Money and Virgin Money.

Check out some of the latest cashback refinance and points-earning offers right here.

The Mutual  Bank - up to $5000 cashback 

• First-time buyers can be eligible for a $5000 cashback with just a 5% deposit, as long as it’s an owner occupied loan. You must apply between 16 October and 31 December, 2025, and settle the loan by 30 April, 2026.

Greater Bank -  Get up to $3,000 cashback when you apply online

• You can be eligible for $3,000 cashback when you take out or refinance a home loan of $500,000 or more. If you’re taking out a home loan, or refinancing one between $250,000 and $499,999, you could be eligible for $2,500 cashback.

IMB Bank Budget Home Loan – $4,000 cashback offer

• You could receive $4,000 cashback when you refinance a home loan of $750,000 or more, or if you’ve paid down more of your mortgage, you could get $3,000 cashback for loans between $500,000 and $749,999. If you’re refinancing a loan that’s between $250,000 and $499,999, you could be eligible for $2,000 cashback.

BankVic – up to $4,000 cashback

• BankVic Police Variable Rate | Receive $4,000 cashback when taking out a new home loan or refinancing an existing home loan of $350,000 or more. Only available to borrowers with an LVR <80%. Must be a current member of the police force to apply (T&Cs apply).

ANZ – up to $3,000 cashback

• ANZ Simplicity Plus Special Offer | Eligible first home buyers can receive $3,000 cashback when taking out a home loan of $250,000 or more (T&Cs apply).

ME - up to 3,000 cashback

• If you’re refinancing to ME from another lender there’s a $3,000 cashback deal (loan size must be over $700k and maximum LVR of 80%). Other T&Cs apply.

Newcastle Permanent – up to $3,000 cashback

• Newcastle Permanent Special Real Deal Home Loan | Receive $3,000 cashback when taking out a new home loan or refinancing an exisiting home loan of $500,000 or more, or get $2,000 cashback when you refinance a home loan between $250,000 and $499,999. Must have an LVR <80% (T&Cs apply).

Regional Australia Bank – up to $2,000 cashback

• Regional Australia Bank Home Loan | Receive $2,000 cashback when you refinance a home loan of $300,000 or more (T&Cs apply).

Bank of Queensland – up to $2,000 cashback

• Bank of Queensland Discount Fixed Rate Home Loan | Receive $2,000 cashback when taking out a new home loan or refinancing from another lender (T&Cs apply).

Qantas Money – earn Qantas Points

• Qantas Money Variable Home Loan | Earn 100,000 Qantas Points every year for the life of your home loan (T&Cs apply).

What is a home loan cashback offer?

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

While these offers are great, it’s important to not just focus on the cashback offers. You’ll also want to look for competitive interest rates too, especially since larger rates can make borrowers pay 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, the cash you get is yours to do with as you please—you can put it in your offset account, savings, home reno, or even just a holiday.  

How to qualify for a home loan cashback offer

If you’re looking for a home loan cashback offer, you’ll need to make sure that you qualify first. Some of the things to look out for include: 

• Minimum loan amount: Many cashback offers are only available for loans above a certain amount (e.g. $250,000 or $400,000). Be sure to check the minimum loan size required for each offer.
• Loan-to-value ratio (LVR): Lenders often have a maximum LVR they'll accept for cashback deals, which is the percentage of the property's value you're borrowing. You’ll often need an LVR at or below 80% to qualify, meaning you'll need at least a 20% deposit or equity in your home.
• Credit score: Having a good credit score is important for qualifying for any home loan, and cashback offers are no exception. Lenders will likely have a minimum credit score requirement, so it's a good idea to check your credit report and ensure it's in good shape before applying.
• Timing: Cashback offers are usually only available for a limited time, so you'll need to apply within the specified period to be eligible.

What can I get for a cashback home loan?

Key considerations:

• What’s the interest rate of the loan?
• What sort of fees does the home loan have?
• Can you make extra repayments?

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