Been shopping around to refinance off my current lender and the cashback landscape has shifted massively since I last looked. All of the Big Four are basically out, ANZ killed their $2k refinance cashback last October, and CBA / Westpac / NAB were gone well before that. So if you were waiting for them to come back, don't hold your breath.
What's left is mostly customer-owned banks and regionals. Here's everything I could find that's currently live for refinancers (owner-occupier, max 80% LVR unless noted). Links go direct to each lender's offer page so you can check T&Cs yourself. Besides ME Bank, IMB and BoQ, I have not heard or had any experience with the rest. So please do your own research.
Current refinance cashback offers
Queensland Country Bank — $4,000 on their Ultimate Home Loan Package, min $300k. Has a $395 annual package fee, so factor that in. [TO BE CONFIRMED]- Police Bank — Up to $4,000 for serving police ($2,500 for other eligible members). Min $300k, salary direct credit required, settle in 90 days.
- Newcastle Permanent — $2,500 ($250k–$499k) or $3,000 ($500k+) via online app. Excludes Greater Bank refinances (same group).
- IMB Bank — $2,000 ($250k–$499k) or $3,000 ($500k+). Offers from 3 Feb 2026. Settle in 90 days. Only 12-month clawback (most others are 24), which is worth noting.
- ME Bank — $3,000 on refinances $700k+, settle in 120 days. Excludes BOQ Group (BOQ, BOQ Specialist, Virgin Money).
- Greater Bank — $2,000–$2,500 in-branch, $2,500–$3,000 online depending on loan size.
- BankVic — $2,500–$3,000, but police / emergency services / health workers only. Min $350k.
- BOQ — $2,000, min $400k new lending, settle in 120 days. Clear Path / Economy / Fixed only.
- Summerland Bank — $2,000 on $400k+, applications between 1 April – 15 May, must settle by 30 June.
- Defence Bank — $3,000 on $300k+ application before 30 June and funded before 30 Sep, you don't have to be in defence force for their non DHOAS products.
- Bank of China — $2,888 on $400k+ application before 30 June and funded before 30 Sep. Information not available via website, please confirm before applying, might be a broker referral only deal
Stuff to watch out for
- 24-month clawback is near-universal — refinance again inside 2 years and they take it back. IMB is the exception at 12 months.[TO BE CONFIRMED]
- Same banking group exclusions trip people up: can't refi NPBS ↔ Greater, can't refi between BOQ / ME / Virgin / BOQ Specialist.
- Settlement deadlines are tight, usually 90–120 days from application, so don't sit on it.
- A $3k cashback sounds great but if the rate is 0.15% higher you'll burn through it in year one on a $600k loan.
Chase the headline numberdo the maths first.
Anyone here gone with Queensland Country or Police Bank recently? Curious how the settlement process held up.
in recent conversations with grater bank via Email. They waive $500 establishment fee, so it basically equates to the cashback offered online, with the bonus of reduced rate compared to the advertised offer by 0.05%