Refinance cashback offers in Australia
A refinance cashback is a lump sum a lender pays you for moving your home loan to them, usually $2,000 to $4,000 depending on loan size. Here is who is paying one right now, the conditions attached, and how to tell whether the cashback or the rate matters more.
- Five lenders currently publish a refinance cashback: IMB, Newcastle Permanent, Great Southern Bank, ME Bank and BOQ
- The largest is $4,000 (IMB, loans of $750,000 or more); most tiers sit at $2,000 to $3,000
- Every offer requires refinancing from another lender; none is available for staying put
- Typical conditions: a minimum loan of $250,000 to $700,000, an LVR of 80% or less, and a transaction account with the lender
- A rate 0.20% higher wipes out a $3,000 cashback in about two and a half years on a $600,000 loan
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are based on a secured loan of $30,000 over 5 years for vehicle finance and $50,000 over 5 years for equipment finance, as required under the National Credit Code.
Which lenders are offering a refinance cashback right now?
Checked against each lender's published offer terms on 19 September 2026. Cashback offers are withdrawn and reintroduced without notice, so confirm the current terms with the lender or your broker before you rely on one.
| Lender | Cashback | Loan size | Key conditions |
|---|---|---|---|
| IMB Bank | $2,000 / $3,000 / $4,000 | $250,000 to $499,999 / $500,000 to $749,999 / $750,000 and over | Purchase or refinance. One cashback per borrower in a 12-month period. Paid into an IMB transaction account within 60 days of settlement. |
| Newcastle Permanent | $2,500 / $3,000 | $250,000 to $499,999 / $500,000 and over | Online applications only. One payment per eligible loan, first eligible loan only. Paid within 60 days of settlement while the loan is open. |
| Great Southern Bank | $2,000 / $3,000 | $400,000 to $699,999 / $700,000 and over | Refinance of an eligible loan. Apply between 1 September 2026 and 1 February 2027; loan must fund by 30 June 2027. |
| ME Bank | $3,000 | $700,000 and over | Refinance from another lender with an LVR of 80% or less. |
| ME Bank | $2,000 | $400,000 and over | Refinance with an LVR above 80% where LMI is payable. |
| BOQ | $2,000 | See lender conditions | Advertised as a refinance cashback; minimum loan size and LVR conditions are set out on BOQ’s offer terms. |
Not offering a refinance cashback at the time of checking: ANZ (first home buyer cashback only), CommBank (a loyalty program worth up to $1,320 over five years, which is not a refinance cashback), NAB, Westpac, St.George, Bank of Melbourne, BankSA, Macquarie, Suncorp, ING, HSBC, Bendigo, Unloan, Beyond Bank, People’s Choice, P&N, loans.com.au, Bank Australia and Heritage. The major banks withdrew their refinance cashbacks in 2023 when the cost of winning refinancers outran the margin on the loans, and none has reintroduced one.
How do refinance cashback offers work?
The lender pays a fixed sum, not a percentage, after your new loan settles. The amount is tiered by loan size, which is why the headline "up to $4,000" usually needs a loan of $700,000 or more. The money normally lands in a transaction account with the new lender within 60 days of settlement, and most lenders require that account to be open before settlement and the loan to still be open when they pay.
Cashbacks exist because acquiring a refinancer is cheaper for a lender than the interest it will earn over the years you stay. That is also why the conditions favour larger, lower-risk loans: minimum sizes of $250,000 to $700,000 and a loan-to-value ratio of 80% or less are standard, with ME Bank the exception in paying a smaller cashback on loans above 80% LVR where LMI is being paid.
Is a cashback offer worth it?
Run the rate first, then add the cashback. On a $600,000 loan, a rate that is 0.20% higher costs $1,200 a year in extra interest. A $3,000 cashback therefore buys about two and a half years before the higher rate has eaten it, and every year after that you are behind. If the cashback lender's rate is the same as or lower than the alternative, the cashback is pure gain and worth taking.
The other number to check is your own switching cost. Refinancing a variable loan typically costs $500 to $1,500 in discharge, registration and valuation fees, so a $2,000 cashback roughly covers the move. If you are breaking a fixed rate, the break cost can dwarf any cashback, and the answer is usually to wait for the fixed term to end.
What conditions should you check before you apply?
- Minimum loan size. The tier you land in depends on the new loan amount, not your property value. A $480,000 loan at IMB earns $2,000, not $3,000.
- LVR limit. Most offers stop at 80%. If your LVR is higher you will usually pay LMI again as well, which is a far bigger cost than the cashback.
- Refinance from another lender. Internal refinances and top-ups do not qualify.
- Application window. Great Southern Bank's offer, for example, requires an application by 1 February 2027 and settlement by 30 June 2027.
- Account requirement. The payment goes into a transaction account with the new lender. Some also require salary credits to that account for their best rate.
- One per period. IMB limits borrowers to one cashback in 12 months; Newcastle Permanent pays on the first eligible loan only.
- Owner-occupied versus investment. Some offers exclude investment loans or pay a lower amount. The terms will say.
Is a refinance cashback taxable?
For an owner-occupied home loan, the ATO's general position is that a lender cashback is a private receipt and not assessable income. For an investment property loan the position is less clean: the cashback can reduce the borrowing costs you would otherwise claim, or in some cases be treated as assessable. If the loan is for an investment, confirm the treatment with your accountant before you count the full amount.
Keep reading
The rest of the refinancing guide.
Refinance cashback FAQs
Which bank is offering $4,000 cash back?
Is it worth refinancing for a cashback?
Do you have to pay back a refinance cashback?
How long does it take to receive a refinance cashback?
Can I get a cashback if I refinance with the same bank?
Is a refinance cashback taxable?
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