Home loan cashback offers and deals October 2026
Dominic Beattie
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- Cashback offers can provide short-term financial incentives, but they are only one factor to consider when selecting a home loan
- When choosing a home loan, place more focus on the advertised rate, comparison rate, features, and repayment terms rather than short-term perks
A home loan cashback offer generally involves a lender offering an incentive for you to take out a new loan with them or refinance an existing one. This usually means cash, which might be debited from your outstanding loan balance or paid as a lump sum.
Of course, these deals are designed to lure you in. As good as $2,000 cash in your pocket right now might sound, it shouldn't be the deciding factor for which home loan you choose.
Borrowing $610,000 over 30 years at a rate of 6.00% p.a. could cost you $3,050 a month and $733,044 in interest over the life of the loan (with principal and interest repayments), according to our home loan calculator.
That same loan at 5.00% p.a. would cost you $2,541 a month and $594,290 over the life of the loan. That's a difference of $385 a month and $138,754 in interest over the life of the loan, so even if the former offered a few thousand dollars in cashback, you'd be better off choosing the latter.
- Typically, the most important things to look at when choosing a loan are the:
- Advertised rate
- Comparison rate
- Features
- Potential monthly repayments
Which banks and lenders offer home loan cashback deals?
Below are some of the banks and lenders offering cashback deals:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.99% p.a. | 6.01% p.a. | $2,995 | Principal & Interest | Variable | $0 | $150 | 60% | Disclosure | ||||||||||||
6.04% p.a. | 6.07% p.a. | $3,011 | Principal & Interest | Variable | $0 | $799 | 80% | |||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $0 | 70% | Disclosure | ||||||||||||
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $0 | 80% |
ANZ First Home Buyer Bonus
- Offer: $3,000 for eligible first home buyers (including recipients of state or territory government first home buyer concessions) with a loan of $250,000 or more.
- Conditions: Only available for first home buyers with home loans of $250,000 or more.
- Expiry date: Drawdown within 180 days of applying.
Bank of Queensland cashback offer
- Cashback amount: $2,000
- Conditions: Available to new external refinance applications received between 28 August 2026 and 28 February 2027 and settled within 120 days
- Expiry date: 28 February 2027
BankVic cashback offer
- Cashback amount: $3,000 for BankVic members
- Conditions: For current members who refinance or purchase a home and submit a loan application from 13 August 2026. Minimum loan value of $350,000 with LVR up to 80%. Must be settled within 180 days. Excludes internal refinances.
- Expiry date: Commenced 13 August 2026, available until withdrawal.
Greater Bank offers
Refinance offer
- Cashback amount: $2,000 for loans up to $499,999, $2,500 for loans above $500,000
- Conditions: For customers refinancing owner occupier (P&I) and investment home loans (not online) with a maximum LVR of 80% and a minimum balance of $250,000
- Expiry date: Commenced 23 June 2025, available until withdrawal.
Digital cashback offer
- Cashback amount: $2,500 for loans up to $499,999, $3,000 for loans above $500,000
- Conditions: For customers refinancing owner occupier (P&I) and investment home loans online with a maximum LVR of 80% and a minimum balance of $250,000, online only.
- Expiry date: Commenced 23 June 2025, available until withdrawal.
First home buyer cashback offer
- Offer: $2,500 for eligible first home buyers
- Conditions: Only available for first home buyers with home loans of $250,000 or more and LVR below 95%
- Expiry date: Offer launched 15 August 2024 and available until withdrawn
imb Bank cashback offer
- Cashback amount: $2,000 for loans between $250,000 and $499,000; $3,000 for loans between $500,000 and $749,999; $4,000 for loans >$750,000.
- Conditions: For customers refinancing Owner Occupier (P&I) and Investment home loans with a maximum LVR of 80% and a minimum balance of $250,000. Excludes refinance of IMB loans, commercial, construction, and bridging loans.
- Expiry date: Applications made from 18 October 2024. Must be settled within 90 days of application. See varied conditions for earlier application dates.
ME Bank cashback offer
- Cashback amount: $3,000 for loans above $700,000
- Conditions: For customers refinancing owner occupier (P&I) and Investment loans with a maximum LVR of 80%. Not available for refinances from other BOQ Group banks such as Bank of Queensland and Virgin Money.
- Expiry date: Apply from 15th June 2024 and settle within 120 days of the loan application date.
Newcastle Permanent cashback offer
- Cashback amount: $2,000 for loans $250,000-$499,999; $3,000 for loans ≥$500,000
- Conditions: For customers refinancing an owner occupied (P&I) or investment home loan through online application channel. To be eligible for the offer, customers need to be refinancing an existing home loan of $250,000 or more (max. 80% LVR) from another institution. Customers refinancing from Greater Bank are not eligible for the offer.
- Expiry date: Offer commenced 17 July 2024. Was bumped from $2,000 to $3,000 for applications after 12 February 2024.
Queensland Country Bank Home Loans cashback offer
- Cashback amount: $4,000
- Conditions: For customers refinancing an owner occupier or investment loan, P&I or interest-only. Max LVR 80%, minimum loan size $300,000.
- Expiry date: Apply from 4 August 2025 until offer withdrawn.
Reduce Home Loans cashback offer
- Cashback amount: $2,000 for loans between $250,000 and under $500,000; $3,000 for loans $500,000 and under $750,000; $5,000 for loans $750,000 and under $2 million; $10,000 for loans above $2 million.
- Conditions: For customers refinancing an owner occupied (P&I) or investment home loan, max LVR up to 80%, to a basic 1-3 year fixed loan
- Expiry date: Loans must be funded by 31 August 2026
Tiimely Home cashback offers
- Cashback amount: $1,000 for loan balances between $500,000 and $1.249 million; $2,000 for loan balances between $1.25 million and $1.74 million; $3,000 for loan balances above $1.75 million
- Conditions: applies to new owner occupier and investor P&I and IO borrowers taking out a two- or three-year fixed-rate loan via Tiimely mortgage brokers (either purchasing and refinancing)
- Expiry Date: Promotion began 19 February 2026 and will remain open until withdrawn
Tread carefully with cashbacks
Most of the revenue and profit lenders make comes from high interest rates and recurring fees charged on home loans, which is why many of them can offer prospective customers cash-in-hand offers to lure them in.
As with all things in life, nothing is really 'free', and when it comes to cashback offers some lenders or financial institutions can use the opportunity to essentially lock customers into their ecosystem, which can often be expensive, time consuming and exhausting to get out of, if you change your mind.
Other home loan offers
Cashback offers are typically the most lucrative and popular offer lenders will use, but you still might be able to find plenty of other deals out there.
Lenders often waive monthly or application fees, or reduce fees and rates on other products - think credit cards or transaction accounts.
Many lenders have started reducing or completely waiving Lenders Mortgage Insurance (LMI) as a way to bring in first home buyers.
Less often, lenders will offer rewards points for loyalty programs, either as a result of a team-up or through their own program.
Below are some of the other offers lenders are using to try and win your business.
Suncorp Better Together offer
- Loan name: Back to Basics variable home loan
- Offer: Combine a Suncorp Back to Basics home loan with an Everyday Options account to get a discounted interest rate, with no loan establishment or monthly account keeping fees
- Conditions: Available on loans $150,000 or more
- Expiry date: Until further notice
Unloan discount offer
- Loan name: Live in variable home loan
- Offer: Every year you hold your home loan, you'll receive a 0.01% p.a. discount off your rate up to a maximum 0.30% p.a. reduction.
- Conditions: Available on all loans
- Expiry date: Until further notice
Frequent flyer point offer
- Offer: 50,000 Velocity points with a home loan less than $250,000; 100,000 points for loans between $250,000 and under $500,000; 150,000 points for loans between $500,000 and under $1 million; 250,000 points for loans more than $1 million
- Conditions: Must apply as the primary borrower for an eligible unloan home loan
- Expiry date: Offer commenced 30 March 2026 for six months to 30 September 2026
More low-rate home loans
Lender Home Loan Interest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option Tags Features Link Compare Promoted Product Disclosure
- Available for purchase or refinance, min 10% deposit needed to qualify.
- No application, ongoing monthly or annual fees.
- Dedicated loan specialist throughout the loan application.
Promoted Disclosure
- No application or ongoing fees. Annual rate discount
- Unlimited redraws & additional repayments. LVR <80%
- A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Promoted Disclosure Disclosure
Frequently Asked Questions
Home loan cashback deals aren't necessarily free money. But they can be helpful if you need immediate funds, are confident that you'll keep the loan long-term, and if the cashback is substantial compared to the loan size. Always compare the total cost of borrowing, not just the upfront rebate, before deciding.
While cashbacks give you a lump-sum payment upfront, the loan can carry a higher interest rate or stricter conditions. On the other hand, a rate discount lowers the interest rate on your home loan, reducing your monthly repayment and total interest cost in the long run.
Cashback offers don't directly change your loan's interest rate, but lenders often offset the upfront rebate by charging a slightly higher rate or adding stricter conditions.
To compare loan deals effectively, it's important to look beyond the headline offers and focus on the total cost of borrowing, including the advertised and comparison rate, fees and charges, loan features, special offers, and of course, the total repayment.
