Refinance Cashback Home Loan Offers - Updated October 2023!

Who doesn’t like a great deal! Even though interest rates have risen over the last year in Australia, banks are still competing with each other to attract new customers everyday. This means lower interest rates with great features as well as cashback offers when you refinance!

Update (11 August 23): Unfortunately, some lenders are starting to end their cashback offers and are no longer extending them.
Update (15 May 23): MyState and Great Southern Bank have ended their offer. Commbank and Bankwest will end their cashback offers on 1st June 23. Westpac Group has increased their cashback offers to $3500!

Australia's best home loan and refinance cashback offers - October 2023

Below is the latest list (as of October 2023) of lenders that are currently offering cashback for refinancing. We sorted it by lenders who are offering the most.

BEWARE! Not all lenders are equal when it comes to assessing your personal financial circumstances and valuing the property you own!

It is best to work with an experienced cash back mortgage broker like Reservoir Finance to ensure you have the highest chance of getting a loan (and cashback) along with the best rates and loan products that suit your circumstances! We also do not charge upfront fees to 99% of our clients!

Reservoir Finance Exclusive Cashback
(on top of the lender cashback offers below!)

home loans for doctors cashback promotion

Medical Professionals
Up to $2000 cashback

Apply by 31 Dec 23 with Reservoir Finance.
Minimum Loan Amount = $250,000
One Cashback per customer.
Medical Professionals only – Learn more here

T’s and C’s apply

We are an award winning mortgage broker

Lender Cash Back Offers - October 2023

amp logo

AMP - Up to $4000 cashback

Apply by 30 Jun 23. Settle by 30 Sep 23.
Minimum Amount = $750,000
One Cashback per applicant
Challenges – Not suitable for all borrowers

reservoirfinancelenders-westpac

Westpac - Up to $3500 cashback

Apply by 31 Aug 23. Settle by 30 Nov 23.
Minimum Amount = $250,000
One Cashback per application.
Challenges – Difficult valuation

ANZ-logo-logotype

ANZ - Up to $4000 cashback

Ongoing. Settle within 120 days.
Minimum Amount = $250,000.
One Cashback per person
Challenges – Long loan processing time

reservoirfinancelenders-ing

ING - Up to $3000 cashback

Apply by 31 May 23. Settle by 31 Aug 23.
Minimum Amount = $500,000
One Cashback per customer.
Challenges – Not suited for all types of home buyers

heritage bank logo

Heritage Bank - Up to $5000 cashback

Apply by 31 Jul 23. Settle by 30 Sep 23.
Minimum Amount = $250,000
One Cashback per customer.
Challenges – Not suited for all types of home buyers

bank of queensland logo cashback

Bank of Queensland - Up to $3000 cashback

Ongoing. Settle within 120 days.
Minimum Amount = $250,000.
One Cashback per person
Challenges – No attractive niches

suncorp logo

Suncorp - Up to $4000 cashback

Apply by 30 Jun 23. Settle by 28 Sep 23.
Minimum Amount = $500,000.
One Cashback per applicant
Challenges – Tough credit assessment

stgeorgelogo2

St George - Up to $4000 cashback

Apply by 31 Aug 23. Settle by 11 Nov 23.
Minimum Amount = $250,000.
One Cashback per applicant
Challenges – Difficult valuation

BoM-resized3

Bank of Melbourne - Up to $4000 cashback

Apply by 31 Aug 23. Settle by 30 Nov 23.
Minimum Amount = $250,000
One Cashback per applicant
Challenges – Long loan processing time

cba resized

CommBank - Up to $2000 cashback

Apply by 31 May 23. Settle by 31 Aug 23.
Minimum Amount = $250,000
One cashback per applicant
Challenges – Long loan processing time

reservoirfinancelenders-bankwest

Bankwest - Up to $3000 cashback

Apply by 31 May 23. Settle by 31 Aug 23.
Minimum Amount = $250,000
One Cashback per person
Challenges – High credit scores preferred

banksalogo

BankSA - Up to $4000 cashback

Apply by 31 Aug 23. Settle by 30 Sep 23.
Minimum Amount = $250,000
One Cashback per applicant
Challenges – Long loan processing time

ME Bank logo

ME Bank - Up to $4000 cashback

Ongoing. Settle within 120 days.
Minimum Amount = $250,000
One Cashback per customer.
Challenges – Not suited for all types of home buyers

nab resized

NAB - Up to $2000 cashback

No time limit.
Minimum Amount = $250,000
One cashback per applicant
Challenges – High credit scores preferred

Are cash back mortgages a good idea? Will I save money?

Cash back mortgages are generally a good idea when you select the right lender for your circumstances. It can save you thousands of dollars in both the short term and long term. For example, if you are on a home loan with a high interest rate and no offset, refinancing to a lender who offers cashback, 100% offset account and lower interest rates will save you a lot of money!

Also, it is good to be always asking yourself, “how will lenders make that money back”? In general, they rely on the laziness of borrowers who do not seek to refinance and may charge higher interest rates in the future.

If you are working with a diligent mortgage broker such as Reservoir Finance, we will be keeping track of the market very closely. If we find other lenders offering better deals, we will reach out and present you with some offers to consider. This also depends on your personal circumstances as you might be seeking to refinance a home loan today, but tomorrow if you are planning to sell, the type of loan you have can affect how much money you may need to spend (such as break fees for a fixed home loan).

What other offers are there?

Cashbacks aren’t the only types of promotions that banks offers. Other lender promotions include: When you stack this with exclusive promotions from Reservoir Finance might offer (such as our free property reports, no fees and free assessments of your personal circumstances), you can be saving even more money and be well equipped to navigate the Australian financial system to achieve your goals!

Are you a cash back mortgage broker? Can you help guide me for the best loan?

Yes! Reservoir Finance is a mortgage broker who specialises in working with cash back lenders such as the ones listed above. We seek to partner with Australians to help them achieve their financial goals and dreams. We are a values based online mortgage broker who always puts our clients first. This is why we do not charge any fees unlike other mortgage brokers (less than 1% of our applications attract any fees). When you work with us, we will be transparent and honest with you, especially if you are stretching beyond your means to service a loan. We encourage a unique philosophy of responsible borrowing (not lending) which means leveraging responsibly to increase your wealth.

Contact us today using the form below or call us for an obligation free assessment of your eligibility for loans and we will also provide you with some options for your to move forward with your home ownership, business or investing journey.

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