Mortgages

Could you qualify for a cashback offer on your mortgage?

3 MIN READ 25/08/2026
Cashback deals could put real money back in your pocket – here’s how an Adviser could help you see where you stand.

If you’ve shopped around for a mortgage or refinance recently, you’ve probably seen banks advertising cashback – a lump sum paid to you simply for taking out a loan with them. It’s a nice perk, and it’s your money to use however suits you – settlement costs, new furniture, extra repayments, or just a welcome bit of breathing room. Here’s what you need to know.

What is a mortgage cashback offer?

Cashback is an incentive banks use to win new lending. When you take out a new mortgage or refinance to a different lender, the bank pays you a percentage of your loan amount – often somewhere between 0.85% and 1.25% – as a cash lump sum, usually paid into your bank account on the day of settlement. So the higher the amount of your loan, the more you can potentially get as cashback.

Here’s an example of how cashback offers are calculated based on different loan amounts.

Who can qualify for a mortgage cashback offer?

An Adviser will be able to work out if you qualify, but generally need to:

  • Have a loan-to-value ratio (LVR) of 80% or less – this means your current mortgage needs to be less than 80% of the value of your home.
  • Change your lending to a new bank – cashbacks are usually offered when switching your mortgage to a new bank.
  • Have a loan size that meets the requirements – many banks have a lending threshold before you qualify for a cashback offer.

How a Haven Mortgage Adviser can help

Simply put, they will work for you by shopping around to find the best deal based on your mortgage – comparing cashback amounts, rates, break costs, and terms across multiple lenders at once. They’ll talk you through the offers and help you make the right choice that best suits you.
Advisers aren’t tied to a single bank, so will negotiate with several lenders on your behalf, and identify who is offering the best combination of interest rate and cashback options. In many cases, this means you don’t have to choose between the cash and a good rate – an adviser can push for a stronger combination of both.

There may be clawback clauses, break fees, or legal costs to factor in, and an adviser can walk you through these – but chances are, you’ll still come out ahead.

When’s the best time to talk to an Adviser about cashback?

Any time is a good time to speak with an Adviser about your mortgage – and there’s no cost to you. While your eligibility for cashback offers can depend on how long you’ve had your lending and how much you owe, an Adviser can still help even if you don’t qualify right now. They’ll help you plan your next move and reach out when the time’s right to restart the conversation.

Talk to us to see if cashback could be right for you

The best way to know if it’s the right call for you is to compare it against your specific numbers and plans.

It’s easy to book a chat with a Haven Adviser. We’ll look at what’s on offer across lenders, run the numbers for your situation, and help you understand your options – so you can make the most of what’s available to you.

This article is general information only and does not constitute financial advice. Your personal circumstances haven’t been taken into account. Please speak with a Haven Mortgage Adviser before making any decisions about your mortgage.


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