What Is a Home Loan Cashback Offer
A home loan cashback offer is a rebate paid by a lender after you settle a new loan or refinance. The lender credits your nominated account, typically within 90 to 120 days of settlement. As at August 2026, cashback offers from Australian lenders range up to $4,000.
These offers are designed to offset some of the costs associated with setting up or refinancing a loan, such as application fees, valuation fees, or legal costs. The cashback amount and eligibility criteria vary between lenders, and most offers require you to maintain the loan for a minimum period, usually 12 to 24 months, or the cashback must be repaid.
Cashback offers change frequently. Lenders introduce them to attract new customers or encourage refinancing activity, then withdraw them when volume targets are met. If you're considering home loan refinancing, confirm the current offer directly with the lender or a broker before proceeding.
General Refinance Cashback Offers Available to Tech Professionals
Several lenders were offering refinance cashbacks in early August 2026. BOQ was offering $2,000, ME Bank $3,000, and Reduce Home Loans $3,000. IMB Bank, Greater Bank, Newcastle Permanent, and Tiimely were each offering cashbacks up to $3,000 or $4,000 depending on loan size.
IMB Bank's cashback structure typically scales with the loan amount. A refinance of $250,000 might attract a $2,000 cashback, while a loan above $500,000 could qualify for the full $4,000. Greater Bank and Newcastle Permanent use similar tiered approaches.
ANZ was offering a $3,000 cashback specifically for first home buyers. This offer is not available to refinancers or subsequent property purchases.
Consider a software engineer refinancing a $600,000 loan from another lender to ME Bank. At settlement, the loan is established and the cashback request is lodged. Approximately 90 days later, $3,000 is credited to the nominated account. The loan must remain active for at least two years, or the cashback is repayable in full.
These offers are open to any eligible borrower, including tech industry workers, provided they meet the lender's standard lending criteria. There is no requirement to work in a specific industry to access these refinance cashbacks.
Cashback offers and lender policies change regularly. The offers outlined in this article were current as at early August 2026 but may be withdrawn or amended at any time.
Call our team or book an appointment that suits you.
ME Bank LMI Cashback Offer
From 18 August 2026, ME Bank introduced a $2,000 cashback for borrowers who pay lenders mortgage insurance on a new loan. This offer is separate from the $3,000 refinance cashback described above and applies to both purchases and refinances where LMI is charged.
Lenders mortgage insurance is typically required when your deposit or equity is below 20 per cent of the property value. The insurance premium can range from a few thousand dollars to over $20,000 depending on the loan size and deposit.
A data analyst purchasing a property with a 10 per cent deposit would usually incur an LMI premium. If the loan is settled through ME Bank and LMI is charged, the $2,000 cashback is paid after settlement, reducing the net cost of the insurance.
This offer does not eliminate LMI, it partially offsets the cost. If you are seeking to avoid LMI entirely, the Bankwest waiver outlined below may be relevant, depending on your employer.
Bankwest Technology Sector LMI Waiver
Bankwest offers an LMI waiver for full-time and part-time PAYG employees of nine specified technology companies. The eligible employers are Adobe, Alphabet (which includes Google), Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce, and Xero.
To qualify, you must be directly employed by one of these companies on a permanent employment contract. You must have completed at least six months of continuous service with that employer. Contractors, agency workers, or employees of other technology companies, startups, or government agencies are not eligible.
The maximum loan-to-value ratio with the waiver is 89.99 per cent for loans up to $2 million per security, or 84.99 per cent for loans up to $3 million. The maximum loan amount with the waiver is $5 million per borrower.
Consider a cloud engineer employed full-time by Amazon, purchasing a property for $950,000 with a $100,000 deposit. The LVR is approximately 89.5 per cent. Without the Bankwest waiver, LMI would typically cost between $25,000 and $30,000. With the waiver, that cost is eliminated entirely, provided all employment and lending criteria are met.
The waiver is limited to these nine employers. We regularly see tech professionals at other companies, including large consulting firms, fintech startups, and research institutions, who do not qualify for this waiver. For those borrowers, LMI waivers through other lenders or professions may be available, or the ME Bank LMI cashback can reduce the net cost.
Our review of current lender policies in August 2026 did not identify any other lender offering an LMI waiver specifically for technology professionals outside this narrow list of employers.
Common Eligibility Requirements for Cashback Offers
Most cashback offers require you to borrow a minimum loan amount, typically $250,000, and settle within a specified timeframe, usually 90 to 120 days from application. The loan must be for owner-occupied or investment purposes, and you must be refinancing from another lender or purchasing a new property.
Internal refinances, where you switch products within the same lender, are generally not eligible. Top-ups or additional borrowing on an existing loan also do not qualify.
You are usually required to maintain the loan for a clawback period, most commonly 24 months. If you discharge or refinance the loan before this period ends, the cashback must be repaid in full.
Some lenders exclude certain loan products from cashback offers, such as construction loans, bridging loans, or low-doc loans. Check the specific terms of the offer before proceeding.
Costs Associated with Refinancing
Refinancing involves several costs that should be weighed against the benefit of a cashback offer. Application fees range from $0 to $600, depending on the lender. Valuation fees are typically $200 to $300. Legal fees for discharge of the existing loan and registration of the new loan can total $800 to $1,200.
If you are on a fixed rate loan, you may incur break costs when discharging early. These costs can be substantial if interest rates have fallen since you fixed, or negligible if rates have risen. Your existing lender will provide a payout figure that includes any break costs.
A $3,000 cashback can offset most or all of these costs. If your refinance costs total $1,800 and you receive a $3,000 cashback, the net benefit is $1,200, assuming you remain with the new lender for the required clawback period.
In our experience, the more significant financial impact of refinancing is the interest cost over time, not the upfront fees. A reduction of 0.30 per cent in your interest rate on a $600,000 loan saves approximately $1,800 per year. Over five years, that is $9,000, far exceeding the value of the cashback. The cashback is a short-term benefit, the rate is the long-term driver of cost.
How Cashback Payments Are Typically Made
Cashback payments are processed after settlement, not at settlement. Most lenders require you to submit a claim form within 30 days of settlement. The form requests your nominated bank account details and confirmation that the loan has settled.
The lender verifies the loan details and processes the payment, usually within 90 to 120 days. The payment is made to your nominated account as a direct credit. It is not deducted from your loan balance.
Some lenders process the cashback automatically without requiring a claim form, but you should confirm the process with your lender or broker at the time of application. Missing the claim deadline can result in forfeiture of the cashback.
The cashback is assessable income for tax purposes. You should include it in your tax return for the financial year in which it is received.
Cashback offers and lender policies change regularly. The offers outlined in this article were current as at early August 2026 but may be withdrawn or amended at any time. Call one of our team or book an appointment at a time that works for you to confirm current offers, assess your eligibility, and compare lenders based on your specific employment and financial circumstances.
Frequently Asked Questions
What is the highest home loan cashback offer available in August 2026?
As at early August 2026, the highest cashback offers were up to $4,000 from lenders such as IMB Bank, depending on the loan amount. ME Bank, Reduce Home Loans, Greater Bank, Newcastle Permanent, and Tiimely were offering cashbacks between $3,000 and $4,000.
Who is eligible for the Bankwest LMI waiver for tech professionals?
The Bankwest LMI waiver is available only to full-time or part-time PAYG employees of Adobe, Alphabet, Amazon, Apple, Atlassian, Meta, Microsoft, Salesforce, or Xero. You must be directly employed with at least six months continuous service. Contractors and employees of other tech companies are not eligible.
How long does it take to receive a home loan cashback after settlement?
Most lenders pay cashbacks within 90 to 120 days after settlement. You typically need to submit a claim form within 30 days of settlement with your nominated bank account details.
Do I have to repay a cashback if I refinance again?
Yes, most lenders require you to keep the loan active for 12 to 24 months. If you refinance or discharge the loan before the clawback period ends, you must repay the cashback in full.
Can I combine the ME Bank refinance cashback with the LMI cashback?
The ME Bank $3,000 refinance cashback and the $2,000 LMI cashback are separate offers. Eligibility depends on whether you are refinancing and whether LMI is charged on your loan. Confirm with ME Bank or a broker whether both offers apply to your scenario.
