Top tips to claim cashback on your home loan

What is a home loan cashback offer

A cashback is a payment made by a lender to a borrower after settlement of a new or refinanced home loan. Lenders use cashbacks as incentives to attract borrowers to their products, and the offers apply to both purchase and refinance loans. As at August 2026, some lenders are offering cashbacks of up to $4,000.

The payment is separate from your loan amount. You still borrow the amount you need for the property or refinance, and the cashback is paid to you after settlement, usually within 60 days. Cashbacks are not discounts on the loan itself, so they do not reduce your borrowing amount or the interest you pay over the life of the loan.

Refinance cashback offers available in August 2026

Several lenders are running cashback offers for refinance loans. BOQ is offering $2,000 cashback on refinances of at least $400,000 at a maximum 80% LVR, with settlement required within 120 days of application. IMB Bank has a tiered cashback structure up to $4,000 depending on loan size, capped at 80% LVR.

ME Bank is offering $3,000 cashback on refinances of $700,000 or more at a maximum 80% LVR, for applications lodged between 1 May and 28 August 2026. Greater Bank, Newcastle Permanent, Reduce Home Loans, and Tiimely are each offering cashbacks up to $3,000, with Tiimely's offer restricted to fixed-rate loans.

ANZ has a $3,000 first home buyer cashback available on eligible loans of $250,000 or more. Each lender sets its own eligibility criteria, including minimum loan amounts, LVR caps, and settlement timeframes. Internal refinances within the same banking group are typically excluded.

FIFO income is assessed differently across lenders. Some lenders treat your full roster pay as assessable income, while others discount part of it or require a longer employment history. Cashback eligibility is not specific to your employment type, but your ability to qualify for the loan amount needed to trigger the cashback depends on how that lender assesses FIFO income.

ME Bank LMI cashback offer

ME Bank is offering a separate $2,000 cashback for borrowers who require Lenders Mortgage Insurance, available for eligible applications from 18 August 2026. This offer applies to loans with an LVR between 80.01% and 95%, which means it is relevant for FIFO workers borrowing with a deposit smaller than 20%.

To qualify, you need a minimum of $400,000 in total new lending, settlement within 120 days of application, and a SpendME transaction account. One cashback per customer applies, so if you are eligible for both the refinance cashback and the LMI cashback, you can only claim one.

Consider a FIFO worker refinancing a loan of $450,000 with an LVR of 85%. If that worker meets the settlement and account requirements, the $2,000 LMI cashback would apply. The same worker would not be eligible for the $3,000 refinance cashback, which is capped at 80% LVR.

LMI waivers for FIFO workers

No LMI waiver policies specific to FIFO workers were identified in the materials provided. Standard LMI applies for loans above 80% LVR. If you hold a professional qualification that is eligible for a profession-specific LMI waiver at a particular lender, that waiver may apply based on the qualification rather than your FIFO employment arrangement.

Some lenders offer LMI waivers for specific occupations including engineers, medical professionals, and other professions. If your role falls into one of those categories, the waiver can save several thousand dollars on a loan above 80% LVR. The waiver is assessed separately from the cashback offer, so you may be eligible for both.

Settlement timeframes and FIFO rosters

Most cashback offers require settlement within 120 days of application. If you are on a remote roster during that period, you may face challenges with document signing, property inspections, or other settlement requirements during your swing.

Some lenders and conveyancers accept electronic signing, which helps if you are on site when documents are ready. If a physical signature is required, you will need to plan around your roster or arrange a power of attorney. Missing the settlement deadline means forfeiting the cashback, even if the loan still proceeds.

In our experience, FIFO workers refinancing during a two-week off swing have enough time to attend inspections, sign documents, and meet settlement deadlines. Workers on longer swings or shorter off periods need to confirm upfront what can be done remotely and what cannot.

Common eligibility requirements for cashback offers

Cashback offers share several eligibility criteria across lenders. Minimum loan amounts range from $250,000 to $700,000 depending on the offer. Maximum LVR requirements are typically set at 80%, though some offers such as the ME Bank LMI cashback apply to higher LVRs.

Settlement must occur within a set timeframe, usually 120 days from application. Internal refinances within the same banking group are excluded, so refinancing from Westbank to St.George, both owned by Westpac, would not qualify. Some offers require you to hold a transaction account with the lender, and others are restricted to specific loan types such as fixed-rate loans.

One cashback per customer applies in most cases. If you are refinancing multiple properties or taking out a new loan while also refinancing an existing one, check whether each loan qualifies separately or whether the offer is capped at one payment per borrower.

Costs associated with refinancing

Refinancing costs include break fees on fixed-rate loans, discharge fees from your current lender, and application or settlement fees from the new lender. Break fees apply if you exit a fixed-rate loan before the fixed period ends, and the fee can run into thousands of dollars depending on how much time is left and how much rates have moved since you fixed.

Discharge fees typically range from $300 to $500. Some lenders charge an application fee, and others charge a settlement fee. A cashback of $2,000 to $4,000 can offset these costs, but only if the rate and loan structure you are moving to are better than what you currently have.

Over a 30-year loan of $600,000, the difference between a 6.00% rate and a 7.00% rate amounts to around $142,024 in additional interest. A cashback of $3,000 makes a small dent in that figure, but the rate difference is what drives the real saving. Do not refinance for the cashback alone if the rate is worse or only marginally better.

How cashback payments are typically made

Cashbacks are generally paid within 60 days of settlement into a nominated transaction account. Some lenders require you to hold a transaction account with them, and the cashback is paid directly into that account. Other lenders will pay into an external account you nominate.

Eligibility assessment and payment are typically automated. Once settlement is confirmed and the lender verifies that you met the offer terms, the payment is processed. You do not need to submit a separate claim or follow up unless the payment does not appear within the stated timeframe.

If you refinance again or discharge the loan within a set period, usually 12 to 24 months, the lender may claw back the cashback. The clawback terms are set out in the offer conditions, and they apply even if you are refinancing for a lower rate or better loan structure. Read the terms before you accept the offer so you know what happens if your circumstances change.

Call one of our team or book an appointment at a time that works for you. We compare cashback offers across lenders that accept FIFO income and structure the application around your roster so you do not miss settlement deadlines.

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