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Only 15 cashback home loan offers left: where you can still get a cashback deal in July

Alex Ritchie avatar
Alex Ritchie
- 5 min read
Only 15 cashback home loan offers left: where you can still get a cashback deal in July

One of the most popular home loan refinancing options has been to nab a cashback deal in the process. However, in recent months, more and more Australian lenders have taken their deals off the table for refinancers.

After eleven hikes to the cash rate since April 2022, homeowners seeking relief in their mortgage repayments have pushed refinancing to its highest values in years. The latest ABS data found that the total value of mortgages refinanced increased by $1.58 billion in May. The total value of mortgage refinanced since the start of the rate hikes is now $247 billion. 

But amidst the refinancing revolution, three of the four big banks have withdrawn their cashback deals (excluding ANZ). 

In July, only 15 lenders were still offering cashback deals on the RateCity database. This is down from a record high of 35 in March 2023. So, if you’ve been considering refinancing and getting some cash-in-hand in the process, it may be worth exploring your remaining options.

The good news is that it’s not just refinancers who can benefit from cashback deals. First home buyers may also be eligible for sign-up perks like reduced Lenders Mortgage Insurance, or bonus Qantas frequent flyer points.  

Let’s explore the cashback deals for home loans on offer in July 2023. 

Cashback home loan deals on offer in July

Cashback deals

In July, there are still 15 lenders offering cash back home loan deals ranging from $2,000 up to $10,000.

Cashback home loan deals are popular as they may help to cover the cost of switching. Refinancing a home loan can cost a few hundred dollars, or more depending on your current and new lender. Alternatively, you could use your cashback offer for something more practical, like a new appliance or home upgrade, or even use it as an extra repayment towards your principal owing.

The amount you could earn in cashback perks will depend on your eligibility, your loan amount and your loan-to-value ratio (LVR). For example, Reduce Home Loans offers the largest cash back deal on the RateCity database of $10,000. However, eligible customers must have a loan size of $2 million or more. 


Cashback offers




Cashback of $3,000 for first home buyers.

Bank of China


Cashback of $2,000 for new purchases.

Bank of Melbourne


Bank of Queensland




Greater Bank


Max cashback for loans over $500K.



imb bank


Max cashback for loans over $500K.



Available on loans of $250k and above.

ME Bank


Max cashback for loans with 40% deposit or more.

Newcastle Permanent


Max cashback for loans over $500K.



Rebate of $1,000 for first home buyers

Reduce Home Loans


Max cashback for loans over $2 million.

Regional Australia Bank


Max cashback for loans over $500K.

St. George Bank


Source: RateCity.com.au. Data accurate as of 04/07/2023. Value of cashback you may be offered will vary depending on the lender's eligibility criteria.

Reduced Lenders Mortgage Insurance

It’s not just refinancers that may benefit from a cashback deal. Eligible first home buyers may be able to sign-up for reduced Lender’s Mortgage Insurance (LMI) with one lender this July.

LMI is one of the most expensive upfront costs associated with a mortgage, and can cost tens of thousands of dollars, depending on the value of the property. It is paid to the lender when buyers have a deposit of under 20% - a challenging deposit size to save for in most capital cities. 

In July, St. George is offering reduced LMI to eligible first home buyers. The offer of $1 LMI is available to eligible first home buyers with a 15% deposit, looking for an owner-occupier home loan under $850,000, and planning on making principal and interest repayments.

Frequent Flyer Points

Who needs cash-in-hand when you could earn frequent flyer points? Qantas now offers a competitive home loan that also rewards eligible customers with frequent flyer points every year. 

The Qantas Money Home Loan offers customers 100,000 Qantas frequent flyer points every year into your account (you must be a Qantas Frequent Flyer Member). This could be enough points to take you across the globe, or take the family around Australia.

This offer is available for first time buyers and refinancers with established properties (no off-the-plan homes or construction loans). The loan is also available to self-employed homeowners (eligibility criteria applies). 

  • Keep in mind that there is more to a home loan than a deal being offered to you, and it’s always important to compare the interest rates, fees, and features of a loan before applying. For more information on whether one of the above loans may suit your finances, consider using our Home Loan Calculator to see how potential repayments could fit in your budget.

Compare home loans in Australia

Product database updated 21 May, 2024

This article was reviewed by Personal Finance Editor Peter Terlato before it was published as part of RateCity's Fact Check process.