Cashback Home Loans Australia 2026
Compare cashback home loan offers from 100+ Australian lenders. See what the cash is actually attached to — rate, comparison rate, clawback periods and fees — before you take it.
20 products found
| Type | LVR | Est. Repayment | ||||
|---|---|---|---|---|---|---|
Digi Home Loan (Owner Occupied Principal & Interest) with LVR 60% or below Commonwealth Bank |
Owner Occ. Variable
|
5.84%p.a. | 5.97%p.a. | ≤60% |
$2,947/moon $500,000, 30yr
|
|
|
Digi Home Loan (Owner Occupied Principal & Interest) with LVR 60.01% to 70% Commonwealth Bank |
Owner Occ. Variable
|
5.87%p.a. | 6%p.a. | 60.01–70% |
$2,956/moon $500,000, 30yr
|
|
|
Digi Home Loan (Owner Occupied Principal & Interest) with LVR 70.01% to 80% Commonwealth Bank |
Owner Occ. Variable
|
5.89%p.a. | 6.02%p.a. | 70.01–80% |
$2,962/moon $500,000, 30yr
|
|
|
Digi Home Loan (Investment Principal & Interest) with LVR 60% or below Commonwealth Bank |
Investment Variable
|
5.94%p.a. | 6.07%p.a. | ≤60% |
$2,978/moon $500,000, 30yr
|
|
|
Digi Home Loan (Investment Principal & Interest) with LVR 60.01% to 70% Commonwealth Bank |
Investment Variable
|
5.99%p.a. | 6.12%p.a. | 60.01–70% |
$2,995/moon $500,000, 30yr
|
|
|
Digi Home Loan (Investment Principal & Interest) with LVR 70.01% to 80% Commonwealth Bank |
Investment Variable
|
6.04%p.a. | 6.17%p.a. | 70.01–80% |
$3,011/moon $500,000, 30yr
|
|
|
Digi Home Loan (Investment Interest Only) with LVR 60% or below Commonwealth Bank |
Investment Variable
|
6.2%p.a. | 6.17%p.a. | ≤60% |
$3,062/moon $500,000, 30yr
|
|
|
Digi Home Loan (Owner Occupied Interest Only) with LVR 60% or below Commonwealth Bank |
Owner Occ. Variable
|
6.33%p.a. | 6.17%p.a. | ≤60% |
$3,105/moon $500,000, 30yr
|
|
|
Digi Home Loan (Owner Occupied Interest Only) with LVR 60.01% to 70% Commonwealth Bank |
Owner Occ. Variable
|
6.36%p.a. | 6.2%p.a. | 60.01–70% |
$3,114/moon $500,000, 30yr
|
|
|
Digi Home Loan (Owner Occupied Interest Only) with LVR 70.01% to 80% Commonwealth Bank |
Owner Occ. Variable
|
6.38%p.a. | 6.22%p.a. | 70.01–80% |
$3,121/moon $500,000, 30yr
|
|
|
Digi Home Loan (Investment Interest Only) with LVR 60.01% to 70% Commonwealth Bank |
Investment Variable
|
6.25%p.a. | 6.22%p.a. | 60.01–70% |
$3,079/moon $500,000, 30yr
|
|
|
Digi Home Loan (Investment Interest Only) with LVR 70.01% to 80% Commonwealth Bank |
Investment Variable
|
6.3%p.a. | 6.27%p.a. | 70.01–80% |
$3,095/moon $500,000, 30yr
|
|
|
Simple Home Loan with LVR 60% or below (Owner Occupied Principal & Interest) Commonwealth Bank |
Owner Occ. Variable
|
6.09%p.a. | 6.34%p.a. | ≤60% |
$3,027/moon $500,000, 30yr
|
|
|
Simple Home Loan with LVR 60.01% to 70% (Owner Occupied Principal & Interest) Commonwealth Bank |
Owner Occ. Variable
|
6.14%p.a. | 6.39%p.a. | 60.01–70% |
$3,043/moon $500,000, 30yr
|
|
|
Simple Home Loan with LVR 70.01% to 80% (Owner Occupied Principal & Interest) Commonwealth Bank |
Owner Occ. Variable
|
6.24%p.a. | 6.49%p.a. | 70.01–80% |
$3,075/moon $500,000, 30yr
|
|
|
Simple Home Loan with LVR 60% or below (Owner Occupied Interest Only) Commonwealth Bank |
Owner Occ. Variable
|
6.58%p.a. | 6.53%p.a. | ≤60% |
$3,187/moon $500,000, 30yr
|
|
|
Simple Home Loan with LVR 60.01% to 70% (Owner Occupied Interest Only) Commonwealth Bank |
Owner Occ. Variable
|
6.63%p.a. | 6.58%p.a. | 60.01–70% |
$3,203/moon $500,000, 30yr
|
|
|
Simple Home Loan with LVR 70.01% to 80% (Owner Occupied Interest Only) Commonwealth Bank |
Owner Occ. Variable
|
6.73%p.a. | 6.68%p.a. | 70.01–80% |
$3,236/moon $500,000, 30yr
|
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|
Simple Home Loan with LVR 80.01% to 90% (Owner Occupied Principal & Interest) Commonwealth Bank |
Owner Occ. Variable
|
6.54%p.a. | 6.79%p.a. | 80.01–90% |
$3,174/moon $500,000, 30yr
|
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|
Simple Home Loan with LVR 90.01% to 95% (Owner Occupied Principal & Interest) Commonwealth Bank |
Owner Occ. Variable
|
7.49%p.a. | 7.73%p.a. | 90.01–95% |
$3,493/moon $500,000, 30yr
|
Digi Home Loan (Owner Occupied Principal & Interest) with LVR 60% or below
Commonwealth Bank
Interest Rate
5.84%
Comparison
5.97%
Est. $2,947/mo on $500,000 over 30yr
Digi Home Loan (Owner Occupied Principal & Interest) with LVR 60.01% to 70%
Commonwealth Bank
Interest Rate
5.87%
Comparison
6%
Est. $2,956/mo on $500,000 over 30yr
Digi Home Loan (Owner Occupied Principal & Interest) with LVR 70.01% to 80%
Commonwealth Bank
Interest Rate
5.89%
Comparison
6.02%
Est. $2,962/mo on $500,000 over 30yr
Digi Home Loan (Investment Principal & Interest) with LVR 60% or below
Commonwealth Bank
Interest Rate
5.94%
Comparison
6.07%
Est. $2,978/mo on $500,000 over 30yr
Digi Home Loan (Investment Principal & Interest) with LVR 60.01% to 70%
Commonwealth Bank
Interest Rate
5.99%
Comparison
6.12%
Est. $2,995/mo on $500,000 over 30yr
Digi Home Loan (Investment Principal & Interest) with LVR 70.01% to 80%
Commonwealth Bank
Interest Rate
6.04%
Comparison
6.17%
Est. $3,011/mo on $500,000 over 30yr
Digi Home Loan (Investment Interest Only) with LVR 60% or below
Commonwealth Bank
Interest Rate
6.2%
Comparison
6.17%
Est. $3,062/mo on $500,000 over 30yr
Digi Home Loan (Owner Occupied Interest Only) with LVR 60% or below
Commonwealth Bank
Interest Rate
6.33%
Comparison
6.17%
Est. $3,105/mo on $500,000 over 30yr
Digi Home Loan (Owner Occupied Interest Only) with LVR 60.01% to 70%
Commonwealth Bank
Interest Rate
6.36%
Comparison
6.2%
Est. $3,114/mo on $500,000 over 30yr
Digi Home Loan (Owner Occupied Interest Only) with LVR 70.01% to 80%
Commonwealth Bank
Interest Rate
6.38%
Comparison
6.22%
Est. $3,121/mo on $500,000 over 30yr
Digi Home Loan (Investment Interest Only) with LVR 60.01% to 70%
Commonwealth Bank
Interest Rate
6.25%
Comparison
6.22%
Est. $3,079/mo on $500,000 over 30yr
Digi Home Loan (Investment Interest Only) with LVR 70.01% to 80%
Commonwealth Bank
Interest Rate
6.3%
Comparison
6.27%
Est. $3,095/mo on $500,000 over 30yr
Simple Home Loan with LVR 60% or below (Owner Occupied Principal & Interest)
Commonwealth Bank
Interest Rate
6.09%
Comparison
6.34%
Est. $3,027/mo on $500,000 over 30yr
Simple Home Loan with LVR 60.01% to 70% (Owner Occupied Principal & Interest)
Commonwealth Bank
Interest Rate
6.14%
Comparison
6.39%
Est. $3,043/mo on $500,000 over 30yr
Simple Home Loan with LVR 70.01% to 80% (Owner Occupied Principal & Interest)
Commonwealth Bank
Interest Rate
6.24%
Comparison
6.49%
Est. $3,075/mo on $500,000 over 30yr
Simple Home Loan with LVR 60% or below (Owner Occupied Interest Only)
Commonwealth Bank
Interest Rate
6.58%
Comparison
6.53%
Est. $3,187/mo on $500,000 over 30yr
Simple Home Loan with LVR 60.01% to 70% (Owner Occupied Interest Only)
Commonwealth Bank
Interest Rate
6.63%
Comparison
6.58%
Est. $3,203/mo on $500,000 over 30yr
Simple Home Loan with LVR 70.01% to 80% (Owner Occupied Interest Only)
Commonwealth Bank
Interest Rate
6.73%
Comparison
6.68%
Est. $3,236/mo on $500,000 over 30yr
Simple Home Loan with LVR 80.01% to 90% (Owner Occupied Principal & Interest)
Commonwealth Bank
Interest Rate
6.54%
Comparison
6.79%
Est. $3,174/mo on $500,000 over 30yr
Simple Home Loan with LVR 90.01% to 95% (Owner Occupied Principal & Interest)
Commonwealth Bank
Interest Rate
7.49%
Comparison
7.73%
Est. $3,493/mo on $500,000 over 30yr
TL;DR — The Cashback Reality Check
- Cashback offers typically range from $2,000 to $10,000 as a one-off payment. Real money — but a distraction if attached to a weaker loan.
- The relevant question is not "how much cashback?" — it's "what am I being asked to ignore while I look at it?"
- A $3,000 cashback on a $700,000 loan that's 0.3% above the best market rate costs ~$11,700 in excess interest over three years.
- Compare the cashback loan against the best non-cashback loan over 3–5 years, with the cashback as a day-one credit. If the no-cashback loan still wins, take it.
- Cashback can make sense when the underlying loan is genuinely competitive and the cash offsets switching costs.
- Run the repayment calculator on both. The boring loan is frequently the adult in the room.
Cashback Home Loans Without Getting Distracted by Free-Money Perfume
A cashback offer lands in your inbox, or your broker mentions it, or you spot the banner ad — and the brain does exactly what lenders know it will do: it responds to the lump sum. That's not a character flaw. It's normal. But it's also precisely why cashback offers are effective marketing tools, and precisely why they deserve scrutiny before they deserve excitement. LoanGorilla compares cashback home loans from 100+ lenders across Australia, so you can see what the cash is actually attached to. The RBA cash rate is currently 4.35% p.a. (effective 6 May 2026), variable owner-occupier rates start from 5.08% p.a., and the gap between a competitive loan and an average one is worth far more than most cashback offers over any meaningful timeframe.
Compare cashback home loans — free, no credit score impact.
Compare NowWhat Is a Cashback Home Loan?
A cashback home loan is a mortgage where the lender pays a one-off cash incentive — typically deposited into your account after settlement — to attract your business. Cashback offers are most common in:
Refinance campaigns
Lenders compete for borrowers who are actively shopping and need an incentive to overcome the friction of switching.
New purchase loans
Particularly for first home buyers or borrowers with higher loan amounts where the lender wants to win the relationship.
Portfolio moves
Where a lender is trying to attract multiple products at once — home loan, offset account, credit card.
The cash is genuine. The question is always what it costs in the underlying loan.
The Maths of Cashback — Does It Actually Pay?
Cashback offers are often presented as if they're separate from the loan's cost. They're not. A lender offering $3,000 cashback on a loan that's 0.3% above the most competitive rate available is recovering that $3,000 — and then some — through the interest you pay over the following years.
Worked example: $700,000 loan, 25-year term, 0.3% rate premium vs best available
| Timeframe | Excess interest paid | Cashback received | Net position |
|---|---|---|---|
| Year 3 | $6,150 | $3,000 | $3,150 worse off |
| Year 5 | $10,100 | $3,000 | $7,100 worse off |
| Year 10 | ~$23,000+ | $3,000 | $20,000+ worse off |
The cashback loan is behind from around month 30. Unless the rate is within 0.1–0.15% of the best available, the underlying cost overtakes the upfront incentive within 2–3 years.
The $3,000 cashback rule of thumb
A $3,000 cashback covers roughly 0.1% in rate difference on a $700,000 loan for about 24 months. Beyond that, the higher-rate loan is more expensive.
- $500,000 loan: $3,000 covers ~0.2% rate premium for 18 months
- $1,000,000 loan: $3,000 covers ~0.07% rate premium for 18 months
When Cashback Actually Makes Sense
Cashback is not inherently bad. It genuinely makes sense when certain conditions are met.
1. The underlying loan is competitive
If the cashback loan's rate is within 0.10–0.15% of the best available non-cashback rate, and the comparison rate is also competitive, the cashback is a genuine bonus. You're getting a market-rate loan plus an upfront payment.
2. Cash offsets real switching costs
A standard refinance costs $1,500–$3,000 in fees (discharge, application, valuation, settlement). If the cashback covers those costs and the rate is competitive, you've effectively refinanced for free.
3. You'll use it strategically
Apply it directly to the loan — principal, offset account, or extra repayments in the early months. An extra $3,000 in offset on a $600,000 loan at 5.30% saves ~$159 in year-one interest, compounding from there.
When none of these apply
If the rate is above market, the comparison rate drifts higher than the headline, or the cashback is smaller than the switching costs — the offer is mostly marketing gloss. The lender is giving you some of your own future interest back in advance.
Fee Traps to Check Before Accepting Cashback
Not every fee appears prominently in a cashback offer. Here's what to audit:
Ongoing fees
Annual package fees ($300–$400/yr) or monthly fees ($10–$30). A $350/year fee over five years adds $1,750 — partially negating a $3,000 cashback.
Clawback clauses
Most cashback lenders include a 12–24 month clawback. Discharge, refinance or sell within that window and you must repay some or all of the cashback.
Discharge fees
Some cashback lenders also have higher discharge fees. $700 vs $200 is $500 of future switching friction.
Rate revert behaviour
Some are packaged products that revert to a higher ongoing rate after a honeymoon period. The rate you'll be on in year two is the one that matters.
LMI requirements
If your LVR sits above 80% and the loan requires LMI, costs of $5,000–$20,000+ can dwarf a $3,000 cashback in a single line.
Comparison rate drift
Always compare the comparison rate (not just the headline). A cashback where the comparison rate is 0.4%+ higher than the best non-cashback is already working against you.
Which Lenders Offer Cashback?
Most major bank and non-bank lenders offer cashback promotions at various points throughout the year. Availability, amounts and conditions change regularly — and deliberately. Lenders adjust cashback offers to manage refinance volumes and respond to competitive pressure.
Rather than publishing a specific lender list (which would be outdated within weeks), LoanGorilla's comparison tool shows current cashback offers across 100+ lenders alongside each loan's rate, comparison rate and key features — so you can see the full picture in one place.
What to specifically filter for:
- The advertised rate (lowest available for your LVR)
- The comparison rate (all-in cost signal)
- Whether the cashback loan includes offset account access
- The clawback period
- Any ongoing fees or package fees
Cashback vs Lower Rate — The 5-Year Verdict
Take the cashback if…
- Cashback rate is within 0.10–0.15% of the best available
- Cashback meaningfully offsets switching costs
- You'll apply the cash directly to the loan or offset
- Clawback period is reasonable for your plans
Take the lower rate if…
- Rate difference is 0.20%+ in favour of the non-cashback loan
- Cashback is modest relative to loan size ($2–3k on $700k+)
- You plan to hold the loan for 3+ years
- Comparison rate on the cashback loan is materially higher
The honest default
Over 90% of borrowers holding a home loan for 3+ years are better served by the lower-rate loan. The arithmetic is consistent. Cashback is almost always a marketing tool that returns value to you only when the underlying product can stand on its own without it.
Not sure if the cashback is actually worth it?
Start with the calculator before you start believing the banner ad. Running the repayment side by side takes less than 90 seconds.
How to Use Cashback Intelligently
If you decide the cashback loan is genuinely competitive — rate, comparison rate and features all stack up — here's how to maximise the value of the cash itself.
1. Apply directly to offset or principal
An extra $3,000 on a $600,000 loan at 5.30% saves ~$159 in year-one interest and compounds from there. Not dramatic, but free.
2. Cover switching costs
If the cashback roughly matches your discharge, application and valuation fees on a refinance, you've effectively refinanced for free while securing a better rate.
3. Fund your emergency buffer
Top up an offset-based buffer — financial resilience plus daily interest savings.
4. Don't treat it as discretionary spending
$3,000 spent on something unrelated is a $3,000 interest-bearing incentive that no longer does any work for you. The lender doesn't mind either way.
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Frequently Asked Questions
If the cashback looks generous, check what's attached to it
Cashback can be useful. It can also be mortgage glitter — bright, distracting and oddly expensive once it gets everywhere. Run the loan first. Then decide whether the cash deserves your attention.
Credit information: LoanGorilla is a credit assistance provider. Information on this page is general in nature and does not constitute financial or credit advice. Consider whether any home loan product is appropriate for your circumstances. We recommend seeking independent financial and legal advice before making borrowing decisions.
Comparison rate warning: Comparison rates are based on a secured loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different loan amounts, loan terms or fees may result in a different comparison rate. Rates are subject to change without notice.
Reviewed by LoanGorilla editorial team | Last updated: May 2026
Rates shown are subject to change. Comparison rates are based on a secured loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different loan amounts, terms or fees may result in a different comparison rate. Rates are subject to change without notice.