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Cashback home loan deals in March 2025

Vidhu Bajaj avatar
Vidhu Bajaj
- 3 min read
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The Reserve Bank of Australia (RBA)cut the cash rate by 0.25 percentage points, prompting many lenders to lower their home loan interest rates. If you have a variable-rate mortgage, this could mean lower monthly repayments in the coming months.

Why you may consider refinancing?

Even with a rate cut, your current home loan may not be the most competitive option available. Refinancing to a lower rate or switching to a loan with better features could help you:

✔ Reduce your monthly repayments
✔ Cut down on interest costs over time
✔ Free up cash flow for other financial goals

However, refinancing isn’t just about chasing a lower rate. Consider factors like fees, loan flexibility, and features such as offset accounts or redraw facilities that align with your needs.

Cashback offers for refinanciers

To attract borrowers, some lenders offer cashback deals to refinancers. At the time of writing, there are 10 lenders offering cashback deals, with the majority of offers for refinancers only. These cashback incentives typically range from $2,000 to $4,000, depending on the loan you choose. There may also be some additional conditions for earning the cashback. However, borrowers can typically use the cashback as they like. For instance, you could use the money for covering refinancing costs, making some improvements around the house, or boosting your offser account balance.

Getting some money back into your pocket while you switch to a better deal surely sounds lucrative, but it shouldn't be the only reason to refinance. Besides checking for any available cashback deals, it’s just as important to assess the interest rate, loan features, and fees to ensure refinancing actually delivers the savings you’re looking for. Comparing your options carefully can help you find a loan that truly benefits your financial situation in the long run.

Cashback offers available in March 2025

 Lender Cashback Refinancers New loans Notes
ANZ* $2,000YesYesAvailable for both Refinancers and New Loans (first home buyers only). Cashback of $3,000 for first home buyers only. 
ANZ Plus $2,000YesNoOnly for Refinancers.
BankVic $3,000-$4,000YesYes

Available for both Refinancers and New Loans. The $4,000 cashback exclusive to police employees.

Bank of China $3,288-$2,000YesYesAvailable for both Refinancers and New Loans. Cashback of $3,288 for Refinancers and $2,000 for New Loans.
ME Bank $3,000YesYesAvailable for both Refinancers and New Loans.
Greater Bank $2,000-$2,500YesNoOnly for Refinancers.
IMB $2,000-$4,000YesYesAvailable for both Refinancers and New Loans.
Newcastle Permanent $2,000-$3,000YesYesAvailable for both Refinancers and New Loans.
Regional Australia Bank $2,000-$4,000YesYesAvailable for both Refinancers and New Loans.
Police Bank $2,000-$4,000YesNoOnly for Refinancers.

*For New Loans - FHB only

Source: RateCity.com.au. Data accurate as of 05 March 2025. Value of cashback you may be offered will vary depending on the lender's eligibility criteria.

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6.70%

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Australian Credit Licence 234527

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7.21%

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Australian Credit Licence 230686

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7.54%

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ANZ Banking Group Limited
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  • 20% min deposit
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Product database updated 26 Mar, 2025

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

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