- Refinance cashback offers provide Australian homeowners with a financial incentive to switch their home loan to a new lender, often in the form of a lump-sum payment.
- While refinance cashback offers can provide immediate financial relief, it's crucial to assess the long-term costs, such as higher interest rates or annual fees.
- Borrowers should carefully evaluate loan terms and eligibility criteria to ensure the cashback deal is a good option.
- See the list of best home loan refinance cashback offers in 2025.
- Speak to a mortgage broker who will help you compare the top refinance cashback offers.
Refinancing your home loan can be a smart financial move, especially when paired with refinance cashback offers from lenders. Refinance cashback is a monetary incentive provided by banks or lenders to encourage homeowners to switch their mortgage to them. These offers are increasingly popular for borrowers, since they provide immediate financial benefit as well as better loan terms.
This article will explain the key aspects of refinance cashback offers, their benefits, and the factors Australians should consider when deciding whether to pursue them. We also have a list of the best home loan refinance cashback offers, updated for 2025.
Best Home Loan Refinance Cashback Offers 2025
Bank | Cashback Offer | Cashback Conditions |
---|---|---|
![]() | $2,000 |
|
![]() | $3,000 |
|
![]() | $3,000 |
|
![]() | $2,000 |
|
![]() | $3,288 |
|
![]() | $2,000 |
|
![]() | $2,500 |
|
![]() | $2,000 |
|
![]() | $3,000 |
|
![]() | $2,000 |
|
![]() | $4,000 |
|
![]() | $3,000 |
|
![]() | $2,000 |
|
As you can see, there are a number of refinance cashback offers available, making refinancing an appealing option for homeowners looking to save money while switching to a lower interest rate. These refinance cashback offers can change frequently, and comparing the various offers can be overwhelming, especially when also considering factors like interest rates, eligibility criteria, and loan conditions.
The best way to navigate the refinancing process is to speak to an expert mortgage broker at Eden Emerald Mortgages. Our brokers have access to the latest cashback offers and can compare them across multiple lenders to ensure you get the best deal. Beyond the cashback incentive, we also take into account interest rates, annual fees, and hidden charges that can greatly impact the amount you save. With our personalised advice and comprehensive support, we make refinancing simple and stress-free, and maximise your cashback. Best of all, our services are 100% free for you, as we’re compensated by the lender, ensuring our sole focus is on helping you achieve the best financial outcome. Reach out via the contact form below and we will call you back shortly.
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To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.
What is a Refinance Cashback Offer?
A refinance cashback is a financial incentive provided by a lender to entice borrowers to switch their home loan from another lender to their own institution. Essentially, when you refinance your mortgage, you may be eligible for a lump-sum payment once the new loan has been settled. This amount usually varies between $2,000 and $4,000, depending on the lender, the loan size, and other factors. The cashback is often credited to your bank account within a few weeks of settlement, giving you quick access to extra funds.
Lenders offer cashback deals to attract new clients, especially in a competitive market where customer retention is challenging. These offers can be very appealing, as the cashback can help cover the costs of refinancing or even be used for personal expenses like renovations, travel, or paying off other debts. However, it’s important to remember that the cashback is just one part of the overall loan package and should not be the sole reason for switching lenders.

How to Apply for Refinance Cashback
Applying for refinance cashback is a relatively straightforward process, provided you meet the eligibility requirements and have all the necessary documents in order. The first step is to research lenders with refinance cashback offers and compare them to ensure you are getting the best overall deal. Once you’ve chosen a lender, the process involves applying for the refinance, providing proof of income, and having your property revalued to confirm your equity. After your new loan is approved and settled, you will typically receive the cashback within a few weeks.
When selecting a cashback offer, it’s essential to look beyond the initial cash amount and consider the overall terms of the loan. A cashback offer may look attractive on the surface, but factors like ongoing annual fees, the length of the loan, and the interest rate should also be taken into account. Consulting with a mortgage broker can help you compare loan offers and, in some cases, secure higher cashback deals than those available to the general public. Mortgage brokers such as EE Mortgages, offer their services completely free of charge for you (they are paid a commission by the lender). They can guide you through the entire refinancing process and help you choose the best loan product by considering fees, interest rates, cashback options, and other key loan features. Fill out the form below to get in touch with EE Mortgages.
Benefits of Refinance Cashback Offers
One of the most significant benefits of refinance cashback offers is the immediate financial relief it provides. Whether you use the cashback to cover the costs of switching lenders, make improvements to your home, or simply put it towards reducing other debts, having a lump sum at your disposal can be incredibly useful. In many cases, borrowers find that this incentive makes the refinancing process more financially feasible, offsetting some of the fees or charges associated with the switch.
Another advantage is that many lenders offer competitive interest rates in addition to the cashback incentive, allowing homeowners to potentially save even more money over the life of the loan. Refinancing can help you lock in a lower rate, reduce your monthly repayments, or shorten your loan term, and when combined with a cashback offer, it can make refinancing an even more attractive proposition. However, it’s crucial to weigh the benefits of the cashback against the overall cost of the new loan.
Factors to Consider Before Opting for Cashback
While refinance cashback offers can be appealing, there are several factors to consider before making the switch. One key consideration is the long-term cost of the new loan. While the cashback provides an immediate financial boost, it’s essential to ensure that the interest rate on the new loan is competitive and that any associated fees don’t outweigh the cashback benefit. Sometimes lenders might offer a higher interest rate to offset the cost of providing cashback, which could end up costing you more over time. Use this Home Loan Comparison Calculator to see how much money you can save by switching from your existing home loan to another.
Another factor is the eligibility criteria for these offers. Cashback deals often have minimum loan amounts, typically starting at around $250,000, and may only apply to certain loan types or specific borrowers. It’s essential to read the fine print and understand the full terms and conditions of the offer. Failing to meet any of the criteria could result in not receiving the cashback, or worse, locking yourself into a loan that doesn’t meet your long-term financial needs. This is why it is critical to speak to a mortgage broker who has experience with all the loan products on the market, and understands eligibility for refinance cashback.

Risks of Refinance Cashback
While refinance cashback offers can seem like a great deal, they are not without risks. One of the main pitfalls is that some borrowers may overlook higher ongoing fees or less competitive interest rates in favour of the immediate cashback. Over time, the cost of a higher interest rate could outweigh the value of the cashback, leaving borrowers worse off financially. It’s vital to thoroughly assess the long-term impact of the loan terms to avoid this.
Another potential issue is the timing of these cashback offers, as many are promotional and only available for a limited period. Borrowers may feel pressured to act quickly to secure the deal, which could lead to rushed decisions without fully evaluating the long-term costs. Always ensure you have sufficient time to compare different loans with your mortgage broker and assess your financial situation before committing to a refinance deal.

Conclusion
In summary, refinance cashback offers can provide an excellent opportunity for Australian homeowners to reduce their mortgage costs and access a lump sum of money. However, it’s important to consider both the short-term benefits and the long-term financial implications of any refinancing decision. By carefully comparing offers and understanding the full terms of the new loan, borrowers can make informed decisions that will benefit their financial future. Remember, the cashback is just one factor—always evaluate the complete package to ensure it’s the right move for you. Speak to a mortgage broker today and see what refinance cashback offers are available for your situation.
Speak to an Expert and
Get Your Mortgage Approved
To get started on your journey of securing a home loan, fill in the form below, and an experienced mortgage broker will contact you about your personal situation. You can also call us directly on (02) 9188 9398.