When comparing home loans in Australia, it’s easy to focus only on the rate. But in recent years, many banks have introduced a new kind of incentive, home loan cashback offers, designed to give borrowers a helpful boost right from settlement. If you’ve seen ads promising “$2,000 cashback” or “up to $3,000 when you refinance”, you might be wondering what it really means. Here’s a simple guide to how cashback home loans work, and when they make sense for you.
A cashback is a type of offer where your lender gives you a one-off cash payment after your new loan settles. The cashback is usually paid directly into your account within a few weeks of settlement. You can use it however you like to help with:
- Moving costs or furniture for your new home
- Paying fees from your previous lender when you refinance your home loan
- Covering legal or registration costs
- Creating a small financial buffer in your first few months of repayments
In simple terms, it’s your bank’s way of saying thanks for making the move.
Cashback offers can be a smart financial move in certain situations, especially when they fit naturally into your home-buying or refinancing goals.
1. When you’re refinancing your home loan
If you’re switching lenders for a better rate or more flexible loan, you may face some small upfront costs, like discharge fees or a property valuation.
A refinance cashback offer can offset these expenses, making the move smoother and often cost-neutral.
2. When you’re buying your first home
For first home buyers, every dollar counts. A first home buyer cashback can take the edge off early costs like moving, setting up utilities, or buying furniture. It’s a small, practical help during a big life milestone.
3. When you value simplicity
Some cashback offers pair perfectly with no-fuss loans, the kind with low fees, no unnecessary extras, and easy-to-manage features.
If you want a clean, transparent loan structure, a cashback can be a nice addition without adding complexity.
Like any home loan feature, a cashback offer works best when you know what’s included.
Here’s what to keep in mind:
- Eligibility: Cashback usually applies to loans above a certain amount (e.g., $250,000) and specific home loan products.
- Purpose: Some cashback deals apply only to refinances, others to new purchases, or both.
- Timing: Payment typically happens after settlement, so plan your budget accordingly.
- Big picture: Don’t let the bonus distract from the essentials, rate, fees, and flexibility. The right loan structure will save you more in the long run.
Think of cashback as a thank-you, not the main reason to switch.
We believe a cashback home loan should be simple, fair, and transparent, not a marketing gimmick. Our cashback offer is a limited-time reward available on eligible new purchases and refinances, designed to complement our no-fuss home loan range. It’s about giving back to customers who choose a better way to bank, one that’s local, ethical, and certified as a B Corp bank.
When combined with a transparent rate, minimal fees, and a lender that aligns with your values, a cashback offer becomes more than just a bonus. It’s a practical reward for making a smart, purposeful move.
If that sounds like the kind of banking you believe in, talk to our local lending team about our current cashback refinance offer and no-fuss basic home loan, and discover how simple banking can help you move forward with confidence.
The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the product is appropriate for you and read the Schedule of Fees and Charges and Terms & Conditions before applying. Target market determination is available upon request.
