Want $4,000? Check out the best home loan cashback deals on the market

A cashback can take the sting out of mortgage rate rises.

Interest rates are on the rise again, crushing borrowers with higher mortgage repayments. But rate rises are a good time to take stock of your home loan and start looking around for a better deal.

Because even if every lender is raising rates, some are still offering better deals than others. And some lenders are even offering pretty generous cashback offers as well.

Here are the top home loan cashback offers on the market for borrowers right now.

Newcastle Permanent - up to $3,000 for refinancers and purchasers

Newcastle Permanent gives online borrowers $2,500 for a loan of $250,000 to $499,000, and $3,000 for loans above $500,000 (with 80% LVRs or lower).

This offer, unlike many similar cashbacks, is for both refinancers and new borrowers. But it is only for owner-occupiers (not investors).

Greater Bank - $3,000 for refinancers

This is the same offer as above: $2,500 for a loan of $250,000 to $499,000, and $3,000 for loans above $500,000 (with 80% LVRs or lower), as a digital borrower. And it's for refinancers and purchasers.

ANZ - $3,000 for first home buyers

ANZ is currently offering a cashback for first home buyers, not refinancers.

You can get a $3,000 cashback, with the following conditions: Your loan needs to be $250,000 or more in size, you can't be accessing any government schemes like the First Home Guarantee, and the offer doesn't apply to ANZ Plus Home Loans.

ME Bank - $3,000 for refinancers

ME Bank is offering $3,000 to investors or owner-occupiers who refinance a loan of $700,000 with an LVR of 80% or lower.

This is a generous offer, but $700,000 is a large loan size, so some borrowers won't qualify.

You'll get the money within 120 days of application.

Special offers limited to certain occupations

There are a couple of generous cashbacks from some smaller banks. But these offers are limited to people based on the industries they work in.

BankVic - $5,000 first home buyer cashback

BankVic has one of the biggest cashback deals with a $5,000 offer. And it's for first home buyers, but there's a catch: you have to be a police employee,

Police Bank and Border Bank - $4,000 refinance cashback

Both Police Bank and Border Bank offer $4,000 cashbacks when you refinance a home loan. But these banks are only open to people working in police, border protection or related fields.

Other special offers

Commbank Qantas Points offer

While not strictly a cashback, Commbank is offering a big stack of Qantas Points for borrowers who take out a Digi Home Loan of $300,000 or more and apply online. The offer starts at 100,000 points for loans of up to $499,999.

Loans up to $999,999 get 200,000 Qantas Points, and loans above $1 million get 300,000 Qantas Points.

If you use those points wisely on rewards flights, the value could go well into the thousands of dollars.

Finder Reward with Unloan

If you refinance with Unloan via Finder right now you can get a $1,000 Visa card. You have to apply by 30 March 2026 and have the loan settle by 16 May 2026.

How to make home loan cashback work for you

The real trick to making a cashback deal work is forgetting about the cashback. Ask yourself, "Would this home loan be a good deal even without the cashback on top?"

This means looking at the loan's fees and the interest rate. The lower the better.

You need to make sure the loan is still a good deal minus the cashback. Because at the end of the day the home loan with a lower interest rate will almost always save you the most money.