Refinance cashback offers are one-off payments Australian lenders make to borrowers who move an existing home loan to them, typically between $2,000 and $5,000, paid 30 to 60 days after settlement. They almost always carry a minimum loan size, a maximum loan-to-value ratio, and a clawback period during which refinancing away means repaying the cashback. The largest cashback is rarely the cheapest loan over the term.
Offer list last reviewed . Cashback offers change frequently and are withdrawn without notice — always confirm the current offer with the lender before relying on it.
Cashback offers are withdrawn and repriced constantly, and a table that is three weeks stale is worse than no table — it sends people to an offer that no longer exists. Rather than publish figures we cannot stand behind today, we check the live position across our panel when you ask.
Ask us what is currently available for your loan size and LVR, and we will tell you which offers you qualify for and whether any of them are actually worth taking once the rate is factored in.
A cashback is a one-off payment. Your interest rate applies every month for as long as you hold the loan. On a $500,000 loan, a rate 0.30% above the market costs about $1,500 a year, which means a $4,000 cashback is fully consumed inside three years and you are behind for every year after that.
| Scenario on $500,000 over 5 years | Cashback | Extra interest vs best rate | Net position |
|---|---|---|---|
| Sharpest rate, no cashback | $0 | $0 | Best |
| Rate +0.15%, $3,000 cashback | $3,000 | About $3,700 | About $700 behind |
| Rate +0.30%, $4,000 cashback | $4,000 | About $7,400 | About $3,400 behind |
Figures are illustrative, calculated on a $500,000 principal and interest loan held for 5 years, and rounded. They show the shape of the trade-off rather than a quote. Model your own loan size and expected holding period before deciding.
Work out the total cost of the loan over the period you realistically expect to hold it, then subtract the cashback. That single number ranks the offers correctly. Comparing headline cashback amounts ranks them by the lender’s marketing budget instead.
Only if the loan is competitive without it. A $4,000 cashback on a rate 0.3% above market costs you roughly $1,500 a year on a $500,000 loan, so you are behind inside three years. Compare the total cost over the time you expect to hold the loan, then treat the cashback as a tiebreaker.
For an owner-occupied home loan, a cashback is generally not assessable income for most borrowers. For an investment property it may reduce your deductible borrowing costs. This is general information, not tax advice — confirm your position with your accountant.
Usually 30 to 60 days after settlement, paid into an account held with the lender. Most offers require the loan to remain open for a minimum period, commonly 12 months, and some claw the cashback back if you refinance away inside that window.
No. Cashback offers apply to loans refinanced to that lender, so you are taking their rate and product. Your existing lender may match a competitor to retain you, but retention offers are usually a rate discount rather than a cash payment.
Often yes, though the qualifying criteria and amounts can differ from owner-occupied lending. Minimum loan size and maximum LVR conditions are usually stricter, and some lenders exclude interest-only loans from their cashback offers entirely.
Refinancing costs a borrower time and a few hundred dollars in discharge and registration fees. A cashback removes that friction and buys the lender a customer who may stay for years. It is a customer acquisition cost, which is why it is usually paired with a rate that recovers it.
We are paid the same by the lender whether or not their loan comes with a cashback, so we have no reason to steer you toward one. Get your Kreddi Score and we will show you the total cost across our panel, cashback included, ranked by what you actually pay.
NIK Finance Pty Ltd (ACN 685 393 917) is a Credit Representative (567387) of Finsure Finance & Insurance Pty Ltd (Australian Credit Licence 384704). Cashback offers are set by lenders, change without notice, and are subject to their eligibility criteria. This page is general information only and does not constitute financial or tax advice.