Major banks turn their back on home loan cashbacks

someone holding a small house

Home loan customers will be interested to know that some banks are ending their current cashback offers for refinance home loans.  

Commonwealth Bank and NAB are among those scrapping cashback offers as we approach mid-year.

For example, CommBank is ending its $2,000 cashback offer by 31 May. The bank says this has come about due to squeezing interest margins - a concern that is contrary to its recent financial success.

NAB’s digital bank Ubank also ended its $4,000 - $5,000 cashback offer in April, while NAB itself is ending its $2,000 cashback offer in June.

While NAB hasn’t given an official statement as to why, the bank’s group executive of personal banking Rachel Slade said at the Australian Financial Review Banking Summit in March, “I hate cashbacks. I look forward to the day where they don’t exist in the market.”

What are cashback offers?

Cashback offers are a strategy to encourage mortgage holders to refinance their home loans with a new lender. The lender offers you cash (usually several thousand dollars) as a benefit for switching your home loan.

While it might seem like an amazing benefit, keep in mind that not all loans that have cashback perks offer better interest rates. In fact, some of them might be a bit higher compared to refinancing to a home loan product without a cashback offer. 

Currently, there are 25 lenders who provide cashback offers. Amongst them are Westpac with a $3,500 cashback offer, ANZ with a $4,000 cashback offer, and Bank of Queensland with a $3,000 offer if you apply by 8th September 2023. 

For more information on lending trends, head over to our home loan statistics page. And if you’re in the market for a home loan, visit our home loan comparison page, or browse the selection below.

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Last updated 14 March 2025 Important disclosures and comparison rate warning*
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Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
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    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
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    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Basic Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.89 % p.a.
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    5.91 % p.a.
    Initial monthly repayment
    $2,962
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    • No ongoing fees
    • Free redraw from your loan using Macquarie Online
    • No account management fees
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
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    • RATE CUT NOW LIVE!
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Switch & Save One Year Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Fixed 1 year
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • No penalty for early payout
    • No penalty for making additional payments
    • 100% Savings Offset facility
  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    5.85 % p.a.
    Initial monthly repayment
    $2,855
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees
  • Offset Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,855
    Go to site
    • Open up to 10 offset accounts
    • No fee to redraw or split into multiple loan accounts
    • Variable and fixed rates available
  • Switch and Save Home Loan

    • Owner occupier
    • Principal & Interest
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.75 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • No penalty for early payout
    • No penalty for making additional payments
    • 100% Savings Offset facility
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No application, ongoing or monthly fees
    • Make additional repayments at any time
    • Access your money via internet banking at any time
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* 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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