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

By Cameron Thomson · · 4 min read
Fact Checked
Advertiser disclosure
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Thinking about switching your mortgage in 2024? Some providers are still willing to throw a bit extra at eligible borrowers looking to refinance. 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 there were last year, a few providers are still offering some great cashback and reward points for refinancers looking to switch. 

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 help you start comparing we’ve wrapped up some competitive refinance offers below.

CASHBACK HOME LOANS

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
ANZ Simplicity PLUS special offer
  • $2,000 cashback
  • 6.54% p.a. (6.54% p.a. comparison rate)
  • Extra repayments and redraw
Find out more

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)
  • $3,000 cashback for loans of $250,000 or more (T&Cs apply)
  • Bonus $1,000 cashback for loans of $500,000 or more
  • 6.09% p.a. variable rate (6.43% 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 6.09% p.a. (6.43% 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.

Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures and comparison rate warning*
Qantas Money Variable Home Loan
  • 6.08% p.a. variable rate (6.14% 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.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    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.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

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.

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