Refinance Cashback Offer: $3,000 Per Customer, up to 90% LVR @ Westpac, St George, Bank of Melbourne, BankSA


Westpac group (including St George, Bank of Melbourne and Bank of South Australia) have announced a new streamlined cashback offer for the new financial year and will now be offering $3,000 per customer as a refinance cashback for applications submitted from 1 July 2021.

Update: the Group have announced an extension to their $3k cashback offer, which applies for lending of $250k or more, and below 90% LVR - this has now been extended for applications received until 30 Sept 2021 and settled by 31 December 2021.

Note that this new offer replaces the current cashback offer, meaning you only have until 30 Sept June to submit an application under the current terms, which include the following key differences, compared with the new offer:

  • For the first property refinanced; $4,000 cashback (St George, BoM & BSA) // $3,000 cashback (Westpac),
  • $2,000 cashback per property refinanced thereafter (St George, BoM, BSA and Westpac).
  • Maximum 90% LVR.

Please therefore contact us urgently if you'd like to submit an application before the above FY21 offer expires.

New Refinance Bonus Terms and Conditions:

  • To be eligible for the $3,000 Cashback, customers need to be refinancing a minimum existing loan of $250,000 and up to 90% loan-to-value ratio.
  • Maximum of one $3,000 cashback payment per customer regardless of the number of applications, properties or loans involved per 12 month period. For joint applications, only one cashback payment will be paid to the primary applicant.
  • Applications must be submitted between 1 July 2021 and 31 September August 2021 and must settle by 31 December 30 November 2021.
  • The cashback will be paid into a transaction account held with the lender within 60 days of settlement. This account must be in the same name as the home loan account and linked to the home loan at settlement.
  • St George/BoM/BSA = Available for applications on the Advantage Package ($395 pa) or on Basic Home Loans.
  • Westpac = Available for applications on the Premier Advantage Package ($395 pa) or Flexi First Option home loans.
  • Offer not available for Portfolio Loans/Equity Access Loans, Owner Occupier Interest Only loans, residential lending originated under family or company trusts, refinances of home loans within the Westpac Group which include Westpac, St.George, Bank of Melbourne, BankSA and RAMS.

You can apply through directly through the lender, or through an accredited broker, of which we have several across our team of specialists.

Our team is here to help, and will work to ensure we obtain the best pricing and offers possible for you. You can lodge an enquiry via our award winning tech platform here -, or contact one of our brokers directly with their details below.

Leo Gonzales, Email: [email protected], Calendar link:
Eric Cheng, Email: [email protected], Calendar link:
Andrew Loucas, Email: [email protected], Calendar link:

Please contact us to confirm the best deals you could qualify for, as well as discuss any additional broker cashback that may be applicable, which will depend upon your utilised loan size.

Note that we also have access to other lenders that will still be offering up to $4k purchase and refinance cashbacks through July 2021, as well as fast SLA's and great discretionary pricing.

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

Superseded historical interest rate information follows

St George / BoM / BSA most competitive rates are as follows (note that all quoted rates are for <60% LVR - add 0.05% for <80% LVR):

Owner Occupied P&I:
2 Year Fixed (Advantage Package) = 1.89% pa (3.35% CPR)
3 Year Fixed (Advantage Package) = 1.98% pa (3.27% CPR)
Basic Variable = 2.44% pa (2.46% CPR)

Investment P&I:
2 Year Fixed (Advantage Package) = 2.19% pa (3.84% CPR)
3 Year Fixed (Advantage Package) = 2.39% pa (3.78% CPR)
Basic Variable = 2.74% pa (2.46% CPR)

Investment IO:
2 Year Fixed (Advantage Package) = 2.39% pa (4.11% CPR)
3 Year Fixed (Advantage Package) = 2.44% pa (4.16% CPR)
Basic Variable = 2.99% pa (3.01% CPR)

Standard Fees:
Upfront = $100
Ongoing = $395 (Advantage Package) / Nil (Basic Home Loan)

Westpac most competitive rates are as follows (note that all quoted rates are for <70% LVR - add 0.10% for <80% LVR):

Owner Occupied P&I:
2 Year Fixed (Advantage Package) = 1.89% pa (3.38% CPR)
3 Year Fixed (Advantage Package) = 1.98% pa (3.30% CPR)
Flexi First Intro Variable = 2.19% pa for the first 2 years (2.62% CPR)

Investment P&I:
2 Year Fixed (Advantage Package) = 2.19% pa (3.87% CPR)
3 Year Fixed (Advantage Package) = 2.39% pa (3.80% CPR)
Flexi First Intro Variable = 2.49% pa for the first 2 years (3.00% CPR)

Investment IO:
2 Year Fixed (Advantage Package) = 2.39% pa (4.11% CPR)
3 Year Fixed (Advantage Package) = 2.49% pa (4.01% CPR)
Flexi First Intro Variable = 3.29% pa for the first 2 years (3.30% CPR)

Standard Fees:
Upfront = Nil
Ongoing = $395 (Advantage Package) / Nil (Basic Home Loan)

Related Stores

St.George Bank
St.George Bank
Loan Base
Loan Base
Bank of Melbourne
Bank of Melbourne
BankSA (Bank of South Australia)
BankSA (Bank of South Australia)


  • +2 votes

    So this is a far worse deal right?

    Previously refinancing my PPoR and Investment property I got $6000 ($4k for first property + $2k for 2nd).

    Under these new rules I’d get a maximum of $3k and then only if I was a “new customer”

    This post should really be a warning to make sure you apply before June 30 to get the $4k not a deal for $3k…


      Absolutely agree stirlo - that was the primary reason behind posting this as soon as we received notification and have therefore bolded the warning that the current offer is only available for applications submitted untik 30 June.

      The only advantage I can see of the new offer is that it is available for LVR's up to 90% now (compared with 80% with the current offer), but refinances above 80% LVR will generally require lender's mortgage insurance.

      Super important that anyone who is considering refinancing to Westpac group at <80% LVR look at getting their application submitted by 30 June.

      • +1 vote

        I think the problem is you’re posting a dupe on the pretence of a new offer.


          I disagree DingoBlue; even Westpac group have emailed brokers today with the subject "Introducing our new Refinance Cashback offer" - the amounts, limitations, and terms have all changed, so it is a brand new offer when compared with the current refinance cashback, which is only available until 30 June.

          • +1 vote

            @Loan Base: Do you agree the new offer is worse?


              @DingoBlue: Dingo, you're missing the point though. A home loan isn't a product you buy off the shelf with a fixed price and terms in which you can easily compare historical prices and determine if you're getting ripped off.

              In this instance the "Deal" that LoanBase is highlighting is that current cashback terms end soon.

              That aside though it's also possible that for some people a cashback on 90% LVR terms is a great deal.


                @ndenham: No you’re missing the point that

                the "Deal" that LoanBase is highlighting is that current cashback terms end soon.

                has already been posted long ago.

                This isn’t OzReminder.


                  @DingoBlue: Say I accept your argument.

                  The new terms on 90% LVR is a new deal.

                  • +1 vote

                    @ndenham: Yeah look at everyone smashing that + button.

                    I’m just taking time trying to explain to OP why their post is a dud.

                    Why are you here? Sockpuppeting or just playing devil’s advocate PhD?


                      @DingoBlue: DingoBlue - we didn't post this new deal expecting a flurry of upvotes, however in its own right, a $3k refi cashback on $250k+ loan refi, with up to 90% LVR through one of the major banks, available alongside some of the best fixed rates on the market (1.89% OOPI / 2.19% INVPI / 2.39% INVIO) is still very competitive, particularly with the 30 June offers from the Westpac group about to expire.

                      We therefore would have posted this deal regardless, because it will be an offer that is worthwhile considering for many from the date it launches. My reply to stirlo simply confirmed that we posted the deal as soon as possible to also provide the added benefit of giving people the opportunity to compare offers and potentially get their applications lodged by 30 June (under the current offer) if it suits them better.

                      Given that St George has maintained one of the most competitive offers on the market for months now, including repeatedly extending their $4k/$2k cashback offer, I suspect that many people would be interested to see the details of the new offer that is launching in 10 days and to compare it to the current offer, which has now been confirmed as actually expiring and not being extended as was previously the case.

                      Regardless, this is a valid post of a new competitive deal that will be worthy of consideration when it launches in 10 days. With the economic outlook improving and the implied futures yield curve on the cash rate increasing, I suspect we may have seen the most competitive home loan offers now and offers moving forward will become less competitive (as seen via the fixed rate increases across the majors lately).

                      PS - ndenham is not a Loan Base employee so there is no sockpuppeting here; based on the username, I believe he is a client - if so, we appreciate the support!


    Any current offers if moving from Westpac to another bank for owner occupied property? Cheers


      Hi knowwhat, yeah absolutely - if you are happy to move to a lender outside of the Westpac group, the most competitive offer that we've been writing lately for OOPI is likely Citibank's up to $4k cashback on refinances or purchases (depending on your loan size). Through Citibank, we have been able to access 2 year fixed rates of 1.89% pa and discretionary pricing on their variable rates to bring them as low as 2.19% pa basic or 2.39% pa with offset. Please reach out or PM your number if you'd like to discuss your best options with one of our brokers.


    You'd be lucky to get the cash back before end of the calendar year and that is being optimistic.


      You're not wrong - Westpac group have been one of the worst with SLA's on the market lately. Fortunately there are other highly competitive cashback options like Citibank with much better SLA's if you are in any form of a rush to get your loan settled.


    What does “per 12 month period” mean in the T&Cs? If I received a cashback within 12 months does that mean I’m ineligible?


      Correct - same client cannot receive two cashbacks from the lender within 12 months. It doesn't mean you are ineligible if the cashback you received was from another lender, however.