Cashback offers can help you pay applicable bank fees and other upfront charges when taking a home loan or refinancing it. Check out the offers that some major Aussie lenders have for you.
When you think about the various reward programs offered by companies, the instant gratification that cashback provides is hard to resist.
After all, raking up loyalty points for some future incentive barely compares with the number of things you could potentially do with some extra cashback in your hand.
When it concerns home loans, these cashback sweeteners could work in your favour when you direct it towards your mortgage or new property.
Cashback deals are more viable over short periods if you are prepared to refinance. However, a lower interest rate may be more advantageous in the long term.
All the same, depending on your personal objectives, personal financial circumstances, and projected cost savings on the total cost of your home loan, it may help you to know how home loan cashback offers work and have a bird's eye view of the different incentives on the market by Aussies lenders.
What is a Loan Cashback?
In the Aussie home loan market, cashback refers to the cash that your lender offers you once your loan application is approved. This amount could range anywhere from $1,000 to $4,000 or even higher depending on the lender.
Why Do Lenders Offer Cashback?
Your bank or lender will generally offer you a cashback as an incentive to buy their product and add you to their books. Given the highly competitive market scenario prevailing, banks and lenders are keen to get a share of the pie.
Cashback deals are offered for a specific time range and are aimed to attract home loan buyers. So while the lender signs a new customer, the customers themselves make substantial cash gains, which can be used for several purposes, including loan repayment.
The cash is typically deposited into your nominated bank account upon your home loan approval. However, it may be adjusted against the fees you’d usually be charged or handed in the form of specific gift cards. It could also be deducted from your loan amount balance.
Cashback deals are usually available for both owner occupier home loans and refinancers. Most of the cashback home loan offers focus on refinancing, with a few deals aimed at first home buyers.
Benefits of Cashback Offers
How you choose to spend the money received in cashback is entirely your decision. However, the cost of refinancing often is one of the main hurdles for those planning to switch their loan providers.
Thus, lenders compete for your home loan account by providing attractive cashback deals that can help you tide over these initial switching costs.
In such cases, people use the cashback money to pay off some costs, including home loan application fees with the new lender, monthly fees, break fees for fixed rate home loans, early repayment fees, or exit fees from their earlier lender, and other significant expenses.
Cashback also allows homeowners to cover stamp duty, renovations, moving costs, Lenders Mortgage Insurance (LMI), and more.
How Does Home Loan Cashback Work?
With the Aussie home loan market witnessing significantly low interest rates, many owner occupiers are actively refinancing their existing home loans. This allows them to take advantage of low interest rates and reduce the costs of monthly repayments.
As stated earlier, lenders go the extra mile to get your name in their books. Nevertheless, cashback deals vary based on the lending criteria and eligibility criteria for owner occupied loans and new home buyers. Therefore, always read the fine print to see if you qualify before going ahead with a deal. These include:
- Minimum loan amount: Most lenders set a minimum loan amount to avail their cashback offers. If you plan to refinance a small loan amount, you may not be considered eligible.
- Timeframe: Many lenders set a time frame for the cashback deal. This means that you must apply by a specific date and that your loan should also be settled by a particular date.
- Purpose of the loan: It differs from lender to lender. Some offer cashback only for those seeking to refinance, while some cater only to home buyers but not residential investment loans.
- Saving or Transaction account. The cashback amount is generally deposited in the transaction or savings account with the lender. You need to open the required account with your lender to receive your money.
While you may be tempted to rush in for a cashback offer, always study the home loan details of the relevant credit provider and see which of the available options are suited to your needs.
What Lenders are Offering Cashback in June 2022?
According to a media release by ABS, in April 2022, the value of new housing loan commitments for owner-occupier lending fell 7.3 per cent, while investor lending fell 4.8 per cent - the most significant monthly falls since May 2020.
Nonetheless, the value of lending in April remained higher than pre-pandemic levels, with the value of new owner-occupier loan commitments being 44 per cent higher than February 2020 and the value of investor commitments 113 per cent higher.
Experts feel that many potential buyers are holding back while watching the impact of the rising interest rate.
If you are scouting the market for a home loan for attractive deals that top your existing loan with cashback, more features, and add-ons, it's good to compare home loans and the cashback home loan options by leading Aussie lenders.
All Lenders Offering Cashback in June 2022
- Citibank Cashback Offer
- Bank of Melbourne Cashback Offer
- St. George Bank Cashback Offer
- HSBC Cashback Offer
- Westpac Cashback Offer
- Suncorp Cashback Offer
- CBA Cashback Offer
- NAB Cashback Offer
- ANZ Simplicity PLUS and Refinance

Citibank Cashback Offer
- $6,000 cashback on a home loan of $1,000,000 or more; a $4,000 cashback with a home loan of $750,000 or more; $3,000 cashback with a home loan lower than $750,000.
The National Australia Bank (NAB) acquired Citibank's consumer banking business in Australia on 1 June 2022. This cashback offer from Citibank is on new purchases and refinance applications submitted during the promotional period from June 1 to 30, 2022 only and settled by 30 September 2022. Your application is subject to the bank's terms and conditions for credit approval
The offer is available on owner occupier, and investor loans, and the repayment type can be principal and interest; and interest only. Your refinance or new purchase home loan must be at least $350,000, and you can access Basic Variable, Standard Variable, Standard Offset, and Standard Fixed Citi home loan products that are open at the payment date
Refinances or variations of existing Citi home loans, Company/Trust applicants, and construction loans are not included in the offer. In addition, you can only avail of one cashback offer per home loan and receive one cashback offer per applicant within one year.
In case there's more than one applicant for the loan, and one applicant gets the cashback, it is deemed that all the applicants have received the cashback offer. If you have submitted multiple eligible applications in the same month and they are settled on the same cashback payment period, then your highest cashback eligible application will be paid. Citi reserves the final rights to determine the customer's eligibility for cashback.
You cannot access this offer in combination with another, and Citi holds the right to withdraw or vary the offer at any time.
How Do You Receive the Cashback Payment?
You will get the cashback amount in your new variable rate Citi home loan account, or you nominated direct debit account (for a fully fixed rate home loan) as follows:
For applications settled by:
- June 30, 2022, payment after July 10, 2022
- July 31, 2022, payment after August 10, 2022
- August 31, 2022, payment after September 10, 2022
- September 30, 2022, payment after October 10, 2022
Expires: June 30, 2022
Bank of Melbourne Cashback Offer
$4,000 cash back when you refinance.
Apply latest by July 31, 2022, and settle by 31st October 2022 to avail of this offer which is open to Owner Occupier (Principal and Interest repayments) and Residential Investment Loans (Principal and Interest & Interest Only repayments), with Loan to Value Ratio (LVR) up to 80%. Your minimum loan amount should be $250,000.
You can access the offer on home loans with the bank's Advantage Package ($395 annual package fee) and Basic Home Loan (no annual fee). Credit criteria, exclusions, and terms and conditions apply to this offer.
There's a cap of one cashback payment only, irrespective of the number of applicants, applications, loans, or properties involved in a one-year period.
Even in joint applications, only one cashback payment will be made to the primary applicant.
This offers excludes Owner Occupier Interest Only, and residential lending originated under trusts and refinances within the Westpac Group. Investors and customers should ideally seek independent advice on taxation matters that may arise from this promotion.
How Do You Receive the Cashback Payment?
You will receive your cashback into your Bank of Melbourne transaction account within 60 days of settlement. The account must match the name in the home loan account and be linked to the home loan at settlement.
Expires: July 31, 2022
St. George Bank Cashback Offer
- $4,000 cashback when you refinance.
You must apply by July 31, 2022, and settle by October 31, 2022. The offer is open to owner occupier (Principal and Interest repayments) and Residential Investment loans, with a Loan to Value Ratio (LVR) of up to 80%.
This offer is available on the Advantage Package with a $395 annual package fee and the Basic Home Loan, which does not have an annual fee component. The minimum loan amount for refinancing should be $250,000.
Within one year, you can avail of only one $4K cashback offer per primary applicant (irrespective of the number of applications, applicants, loans, or properties involved). This offer does not include refinances from within the Westpac Group. Where there is a joint application, only one cashback payment will be paid to the primary applicant.
The offer is subject to credit criteria, fees, eligibility criteria, conditions, and exclusions by St. George Bank. The bank reserves the right to introduce variations or withdraw the offer at any time.
The offer does not include Owner Occupier Interest Only, residential lending originated under family or company trusts, and refinances within St. George.
How Do You Receive the Cashback Payment?
You will receive your cashback within 60 days of settlement into a St.George transaction account in the same name as the home loan account and linked to the home loan at settlement.
Expiry Date: July 31, 2022
HSBC Cashback Offer
- $3,288 cash back when you refinance.
To be eligible for the refinancing cashback offer from HSBC, you must submit your new home loan application for full approval by August 31, 2022, and settle by 31 October 2022. The offer can be availed once only per customer, within this period. It is current as of May 31, 2022, and is subject to change.
The maximum cashback amount for the offer is $3,288, and the cashback payment is limited to one payment per borrowing entity and per customer. You must refinance from a financial institution other than HSBC Bank Australia.
The minimum refinance amount to avail of the HSBC cashback offer is $250,000. Based on available information, the offer is not valid on and does not include principal increases and bridging loans, construction loans, non-residents, and non-natural persons (such as trusts and companies).
Suppose there is more than one applicant for this home loan, and one applicant receives the cashback. In that case, all the applicants are deemed to have accepted the cashback from HSBC.
HSBC's credit criteria, fees, and charges, as well as terms and conditions, apply.
How Do You Receive the Cashback Payment?
HSBC will credit the cashback into your HSBC Home Loan account or Transaction account within 60 days of settlement.
Expires: August 31, 2022
Westpac Cashback Offer
- $3000 cashback when you refinance.
You must apply by June 30, 2022, and settle by September 30, 2022.Your minimum loan amount should be $250,000, while the Loan to Value Ratio (LVR) should be 80%.
Westpac's cashback offer is available for Owner Occupier (with Principal & Interest repayments) and Investment Home Loan (Principal and Interest & Interest Only repayments). Premier Advantage Package ($395 annual package fee and T&Cs apply) and Flexi First Option Loans.
The bank limits only one $3,000 cashback payment, irrespective of the number of applicants, applications, loans, or properties involved per 1-year period. Where there are joint applications, only one cashback payment will be made to the primary applicant.
The offer is not open to Owner Occupier Interest Only; residential lending originated under family or company trusts and refinances within Westpac Group (i.e., Westpac, Bank of Melbourne, St.George, RAMS, and BankSA ).
How Do You Receive the Cashback Payment?
You will get the cashback within 60 days of settlement. It will be paid into an open Westpac Choice transaction account which must be in the same name as in the home loan account and linked to the home loan at settlement.
Expires: June 30, 2022
Suncorp Cashback Offer
Suncorp $3,000 Cashback Boost Payment
You must apply by June 30, 2022, and settle by September 30, 2022 (unless the offer is withdrawn prior). Suncorp's $3,000 Cash Back Boost Payment is available only to those approved for and settle eligible home loans with the Bank as per their criteria.
The Loan must be part of new lending of a minimum amount of $750,000. It is available with Suncorp's Back to Basics Home Loan, the Variable Rate Home Loan, and Fixed Rate Home Loan. Your Loan to Value Ratio (LVR), including Lenders Mortgage Insurance (LMI), where applicable, is less than or equal to 90%.
A Suncorp Bank transaction account must be held in the borrower's name. If there is more than one individual borrower, a Suncorp Bank transaction account must be held in the title of all borrowers.
It does not cover pre-approvals, increases to existing loans, or refinances of an existing Suncorp Bank home loan. In addition, you cannot use the $3,000 Cash Back Boost Payment with other cash offers. A cashback payment of $3,000 will be made to the eligible borrower only.
There's a limit of one payment per borrower - whether individually or jointly held - under the $3,000 Cash Back Boost Payment regarding all loans held with Suncorp.
Suncorp Bank holds the right to withdraw or vary the $3,000 Cash Back Boost Payment. Your applications are all subject to credit approval. Suncorp's charges may be applicable, and the entire terms and conditions will be provided in the loan offer.
How Do You Receive the Cashback Payment?
If there is more than one borrower, only one payment will be made jointly to those Borrowers.
If you are eligible, then the cashback payment will be credited to a Suncorp Bank transaction account held in the borrower's name within 60 days of the settlement date of this loan. Should there be more than one borrower, the transaction account will include the name of all borrowers.
Expires: June 30, 2022
Suncorp's $3,000 Solar Home Bonus Offer
Suncorp's $3,000 bonus is designed as a reward for borrowers with clean energy commitment. The security property may be a detached house or townhouse, and it must be fitted with a certified eligible solar power system for you to become qualified for the $3,000 Solar Home Bonus. Evidence of the system installation may have to be provided to Suncorp.
Avail of this offer if you apply by December 31, 2022, and settle by 31 March 2023 for a new home loan of at least $500,000, and the Loan to Value Ratio (LVR), including Lender's Mortgage Insurance (LMI), is less than or equal to 90%.
Exclusions include loans for units, apartments, units, and commercial properties. Nonpersonal borrowers, pre-approvals, or refinances of existing Suncorp Bank home loans are also excluded from this offer. There is a limit of 1 payment to a borrower per application, and this offer is not to be used in conjunction with cash offers from Suncorp Bank.
Suncorp expresses its right to accept applications for solar power systems at its discretion, where other satisfactory evidence is received. It may also withdraw or vary the offer at any time.
How Do You Receive the Cashback Payment?
Eligible borrowers will receive a payment of $3,000 within 120 days of the loan settlement date in a Suncorp Bank transaction account that is in the name of the borrower/s.
Expires: December 31, 2022
CBA Cashback Offer
- $2,000 cash back when you refinance.
Access cashback from The Commonwealth Bank of Australia (CBA) on owner occupied home loans and all investment home loans where at least $250,000 has been refinanced from another financial institution, excluding CBA or Bankwest. If the amount exceeds $250,000, Viridian lines of credit may be eligible. All the terms, conditions, fees, interest rate, interest repayments, and other details are included in the loan offer, while CBA holds the right to terminate or vary the offer.
Apply by December 31, 2022, and get your loan settled by March 31, 2023. Owner Occupied Interest Only home loans are eligible if funded on and from April 7, 2020. The cashback is not valid for bridging loans. Also, You cannot club this offer the Wealth Package fee waivers.
Over a 12-month period, you can access only cashback per borrowing entity and per customer. The same limit applies to joint applications. Further, if one of the joint applicants receives cashback in the last 12 months, that person will not qualify for the offer. Likewise, if all applicants have received a cashback in the past 12 months, the joint loan will not qualify for the cashback.
How Do You Receive the Cashback Payment?
The cashback will be deposited in a CBA transaction account linked to the loan or the borrower/s within 90 days of financing the loan. The transaction account can be a joint account with an unrelated party too.
Expires: December 31, 2022
NAB Cashback Offer
- $2,000 cash back when you refinance.
To be eligible for the National Bank of Australia (NAB) cashback offer, you must refinance an existing loan of $250,000 or more, and the primary applicant must hold a NAB transaction account at the time of drawdown. The drawdown should have occurred from September 7, 2020, until the time the offer is withdrawn.
You must refinance your existing home loan with a financial institution other than NAB (also excludes refinances into Medfin, UBank, or Advantedge home loans)
Individual applicants, including owner occupiers or residential investor borrowers, can access this offer. However, it does not include refinances of First Home Loan Deposit Scheme loans, businesses, trusts, non-residents, and other non-natural persons.
While this offer is available on all NAB Home Loan products, it excludes loans for building and construction purposes, lines of credit, NAB Portfolio, and NAB Private Portfolio Facility. In addition, customers can avail the cash bonus only once per customer within the offer period. So, those refinancing more than one loan will receive the cash bonus once only.
If there's more than one borrower, only the primary borrower is entitled to receive the cash bonus payment. Once a borrower gets the cash bonus during the offer period, then no additional cash bonus will be payable on any future refinance wherever that individual is also a borrower.
All NAB products are subject to the borrower's eligibility and NAB's lending criteria, terms, conditions, and ongoing fees as applicable. NAB holds the right to vary or withdraw its Cash Bonus offer.
How Do You Receive the Cashback Payment?
Your cash bonus will be automatically credited to your NAB transaction account within 90 days of drawdown
Expires: Until the offer is withdrawn
ANZ Simplicity PLUS and Refinance
While the bank does not have any cashback offers for June, the ANZ Simplicity PLUS offers competitive variable interest rates. In addition, this home loan product has no setup or ongoing fees (terms and conditions apply). ANZ Simplicity PLUS is the bank's basic variable rate home loan and aims to help home buyers to make extra repayments and pay off their home loans sooner.
The minimum loan amount should be $50,000 for new Simplicity PLUS home loans. However, ANZ reserves the right to change the rates, withdraw or change the offer anytime.
Eligibility criteria apply for availing of special offer discounts, including $50,000 or more in new or additional ANZ lending.
Expires: Until further notice
In addition, ANZ offers attractive offers for those considering refinancing. You can choose from fixed rate and variable rate ANZ home loans to access better interest rates, consolidate debt based on your loan, open an offset account, make extra repayments or use redraw.
Is Cashback on a Mortgage Taxable?
Having gone through the cashback options, you're probably concerned about the tax implications of the cashback promotions, based on your financial conditions and personal objectives.
Financial institutions also advise their home loan customers to seek independent legal advice on taxation matters related to the cashback offers and other packages or promotional discounts on their home loans. It helps you make informed choices on issues related to loan amounts and similar factors.
According to the Australian Taxation Office (ATO), your cashback does not need to be reported as income since it relates to borrowing and not an investment.
Refinance with Joust
Joust is one of Australia’s most reliable and user-friendly online marketplaces for home loans. Do read our blogs on cashback offers and refinancing to help you navigate the challenges of refinancing your home loan balance amount.
We know refinancing is a big decision for you. Whether owner occupier loans or investment home loans, regardless of your refinancing objectives, whether you're looking for loan term reduction or ways to reduce your monthly repayments or loan balance, we can connect you to reputed Aussie lenders.
Our highly secure and user-friendly platform can help you find a suitable deal. Moreso, Joust is free-to-use, and you are under no obligation to proceed.
In addition, our feature-rich online tools support you along the way. For example, Joust’s Instant Match helps you access reliable and reputed home loan lenders. In contrast, our Mortgage Calculators help you find out your borrowing capacity if you are ready to buy your own home, etc.
You could also try out Joust’s Live Auction platform to connect with reputed lenders as they compete for your loan with attractive bids.