What is a Home Loan Cashback Offer?
A home loan cashback offer is a cash payment made by a lender to a borrower after settlement of a new home loan or refinance. As at August 2026, some lenders are offering cashbacks of up to $4,000 as an incentive to attract new customers. The cashback is typically paid into a nominated transaction account within 60 days of settlement, and eligibility depends on meeting specific criteria around loan amount, loan-to-value ratio, and settlement timeframe.
For dentists, these offers sit alongside profession-specific benefits such as LMI waivers, which can make the difference between paying thousands in mortgage insurance or avoiding it altogether. The value of a cashback needs to be weighed against the interest rate you'll pay over the life of the loan and any refinancing costs you'll incur.
General Refinance Cashback Offers Available to Dentists
Several lenders have active cashback offers available to any eligible borrower, including dentists, as at August 2026. These offers apply to refinances and some new purchases, with eligibility depending on loan size and LVR.
BOQ is offering a $2,000 cashback on loans of at least $400,000, capped at 80% LVR, with settlement required within 120 days. IMB Bank has a tiered cashback structure offering up to $4,000 depending on the loan size, also capped at 80% LVR. ME Bank is offering $3,000 on refinances of $700,000 or more at maximum 80% LVR, but only for applications submitted between 1 May and 28 August 2026. Greater Bank, Newcastle Permanent, and Reduce Home Loans each offer up to $3,000 cashback, while Tiimely offers up to $3,000 on fixed-rate loans.
ANZ has a $3,000 first home buyer cashback on eligible loans of $250,000 or more, which may suit dentists purchasing their first property. Most of these offers exclude internal refinances within the same banking group, so switching from one Westpac-owned lender to another won't typically qualify.
When comparing these offers, look at the minimum loan amount and LVR cap. A dentist refinancing a $500,000 loan at 75% LVR would qualify for most of these, but someone borrowing $350,000 would be excluded from several.
ME Bank LMI Cashback Offer
ME Bank introduced a $2,000 cashback offer on 18 August 2026 specifically for borrowers requiring lenders mortgage insurance. This offer is separate from the general refinance cashback and applies to borrowers with an LVR between 80.01% and 95%.
To qualify, you need total new lending of at least $400,000, settlement within 120 days, and you must hold a SpendME transaction account. Because this offer is tied to LMI, it won't apply to dentists who use a profession-specific LMI waiver to borrow at or below 80% LVR without paying mortgage insurance. If you're borrowing at 85% LVR without an LMI waiver and paying standard LMI premiums, this offer would apply. If you're borrowing at 85% LVR using NAB's or CBA's LMI waiver for dentists, you wouldn't be paying LMI, so you wouldn't qualify for this particular cashback.
Call one of our team or book an appointment at a time that works for you.
We'll confirm which cashback offers suit your situation.
The offer is designed for borrowers who fall outside the eligibility criteria for profession-based waivers or who are borrowing above the LVR limits set by those waivers. It's worth comparing the $2,000 cashback against the cost of LMI itself. On a $500,000 loan at 90% LVR, LMI might cost $15,000 to $20,000, so the cashback offsets only a small portion of that premium.
LMI Waivers Available to Dentists
Dentists registered with AHPRA can access LMI waivers from several lenders, which remove the need to pay mortgage insurance even when borrowing above 80% LVR. These waivers are often more valuable than a one-off cashback, particularly for high-LVR borrowers.
NAB offers an LMI waiver for dental practitioners registered with AHPRA, excluding dental therapists, oral health therapists, hygienists, and assistants. The waiver applies at up to 95% LVR for owner-occupied lending and 90% LVR for investment lending, with a maximum individual security value of $4.5 million and maximum aggregated NAB consumer lending of $7.0 million. Your primary source of income must come from your registered profession.
CBA offers a Professionals Offer with an LMI waiver for AHPRA-registered dentists at up to 89.99% LVR per security property value up to $3 million, with no minimum income requirement. CBA also offers a Medico Plus+ option with LVR up to 94.99%. Maximum lending per customer with the LMI waiver is $5 million, and maximum total lending is $7.5 million. Loans must be principal and interest and linked to a Mortgage Advantage Package.
St George Bank and Westpac each offer a 95% LVR LMI waiver for dentists with no minimum income requirement, on loans up to $5 million or $7.5 million total lending with the waiver. Bankwest offers an LMI waiver for AHPRA-registered dentists at up to 89.99% LVR for loans up to $2 million per security, or 84.99% LVR for loans up to $3 million per security, with a maximum loan amount of $5 million per borrower. Bankwest excludes nurses from its medico waiver, which is relevant if you're applying jointly with a partner in a different health profession.
People First Bank offers a Medical Professionals Package with no LMI up to 90% LVR for dentists, on loans up to $2,000,000. Each lender has slightly different eligibility criteria, aggregation limits, and rate structures, so it's worth comparing multiple options rather than assuming one waiver is equivalent to another.
Common Eligibility Requirements for Cashback Offers
Most cashback offers share a set of common eligibility requirements. Minimum loan amounts typically range from $250,000 to $700,000, depending on the lender and the size of the cashback. LVR caps are usually set at 80%, though some offers extend to 95% if LMI is involved. Settlement timeframes are typically 90 to 120 days from application, and missing this window usually disqualifies you from the cashback.
Internal refinances within the same banking group are generally excluded. For example, refinancing from St George to Westpac wouldn't qualify for a Westpac cashback offer because both are part of the same group. Some lenders also require you to maintain the loan for a minimum period, often 12 to 24 months, and may claw back the cashback if you refinance or discharge the loan early.
If you're refinancing an existing home loan, confirm whether your current lender is part of a larger banking group before applying for a cashback offer elsewhere. You'll also need to factor in settlement timing, particularly if your current fixed rate is about to expire or you're coordinating settlement with a property purchase.
Costs Associated with Refinancing
Refinancing to access a cashback offer typically involves application fees, valuation fees, discharge fees from your current lender, and sometimes settlement or legal fees. These costs can range from $500 to $2,000 depending on the lender and the complexity of your loan.
The more significant cost is the interest rate itself. Over a 30-year term on a $600,000 loan, the difference between a 6.00% rate and a 7.00% rate amounts to approximately $142,024 in additional interest. A $3,000 cashback is negligible if the new rate is 0.50% higher than what you could access elsewhere.
Consider a dentist refinancing a $650,000 loan at 75% LVR. If the current rate is 6.80% and a new lender offers 6.20% plus a $3,000 cashback, the rate difference alone could save $30,000 to $40,000 over the next five years, making the cashback a useful bonus rather than the primary reason to switch. If the new rate is 6.70% with a $3,000 cashback, the cashback might not justify the refinancing costs and effort involved.
How Cashback Payments are Typically Made
Cashback payments are usually processed within 60 days of settlement and paid into a nominated transaction account. Some lenders require the account to be with them, such as ME Bank's requirement to hold a SpendME transaction account, while others allow you to nominate any Australian bank account.
The payment is typically automatic once settlement is confirmed and the loan has been active for the required period, though it's worth confirming the process with your lender at application. If the cashback hasn't appeared within 90 days of settlement, follow up directly with the lender or your broker. Some lenders also require you to submit a claim form or activate the offer at application, so check the terms carefully to avoid missing a step that could disqualify you.
Call one of our team or book an appointment at a time that works for you. We'll confirm which cashback offers you're eligible for, compare them against profession-specific low deposit loans and LMI waivers, and help you weigh the cashback against the interest rate and loan features that matter over the long term.
Frequently Asked Questions
What is a home loan cashback offer?
A home loan cashback offer is a cash payment made by a lender to a borrower after settlement of a new or refinanced home loan. As at August 2026, some lenders are offering cashbacks of up to $4,000, typically paid within 60 days of settlement into a nominated transaction account.
Can dentists use LMI waivers and still qualify for cashback offers?
It depends on the specific cashback offer. Most general refinance cashbacks are available to dentists using LMI waivers, but ME Bank's $2,000 LMI cashback specifically requires the borrower to be paying LMI, so dentists using an LMI waiver at 85% LVR would not qualify for that particular offer.
Which lenders offer LMI waivers for dentists?
NAB, CBA, St George, Westpac, Bankwest, and People First Bank all offer LMI waivers for AHPRA-registered dentists. LVR limits range from 89.99% to 95%, and maximum loan amounts vary by lender, with some offering waivers on loans up to $5 million per borrower.
How much does refinancing typically cost?
Refinancing costs typically range from $500 to $2,000, including application fees, valuation fees, and discharge fees from your current lender. The more significant cost is the interest rate over the life of the loan, which can vary by tens of thousands of dollars depending on the rate you secure.
When are cashback payments usually made?
Cashback payments are generally made within 60 days of settlement into a nominated transaction account. Some lenders require the account to be held with them, and you may need to submit a claim form or activate the offer at application to ensure you receive the payment.
