The Easiest Way to Claim Home Loan Cashback as a Tradie

What is a Home Loan Cashback Offer

A home loan cashback is exactly what it sounds like: the lender pays you cash for taking out a loan with them. As at August 2026, cashback amounts range from $2,000 to $4,000 depending on the lender and the size of your loan. You refinance your existing home loan or settle a new purchase, and the lender deposits the cashback into your account a few months later.

The catch is always in the fine print. Most cashback offers require you to borrow a minimum amount, usually somewhere between $250,000 and $500,000, and you'll need to stay with that lender for a set period, typically two to three years. Leave earlier and you'll be asked to repay the cashback in full. The other thing to understand is that a cashback by itself doesn't make a loan worth taking. If the interest rate is half a percent higher than what you're paying now, a $3,000 cashback won't offset the extra interest you'll pay over the next few years.

General Refinance Cashback Offers Available to Tradies

As at August 2026, several lenders were offering cashback to anyone refinancing or settling a new home loan, provided you met their minimum loan size and other conditions. BOQ was offering $2,000 cashback. IMB Bank had a tiered offer with cashback up to $4,000 depending on your loan size. ME Bank was offering $3,000. Greater Bank, Newcastle Permanent, Reduce Home Loans, and Tiimely were all offering cashback up to $3,000, again depending on the loan amount.

ANZ had a $3,000 cashback offer specifically for first home buyers, which might be relevant if you're buying your first place.

None of these offers are tradie-specific. They're available to anyone who meets the lender's credit criteria and loan size requirements. If you're self-employed, you'll still need to meet the lender's income verification requirements before you can access any cashback, which usually means providing tax returns or business financials. For tradies working PAYG, the process is more straightforward: recent payslips and a letter from your employer will usually do the job.

Cashback amounts and eligibility criteria change regularly. What's on offer in August won't necessarily be there in September. If you're considering refinancing, confirm the current offer directly with the lender or speak to a broker who works with tradies before you start the application.

ME Bank LMI Cashback Offer

ME Bank introduced a separate $2,000 cashback offer on 18 August 2026 specifically for borrowers paying lenders mortgage insurance. If you're buying with less than a 20% deposit, you'll be charged LMI, and this offer refunds part of that cost.

The offer applies to both purchases and refinances, provided your loan-to-value ratio is above 80%. Consider a carpenter buying a unit with a 10% deposit. You're borrowing 90% of the purchase price, so LMI applies. If you settle the loan with ME Bank, you'll receive the $2,000 cashback a few months after settlement, which offsets some of the LMI premium you've already paid.

The $2,000 LMI cashback is separate from the $3,000 general refinance cashback ME Bank was also offering. You can't claim both on the same loan. You'll need to choose whichever one you're eligible for or whichever delivers the higher value based on your circumstances.

LMI Waivers

Lenders mortgage insurance is charged whenever you borrow more than 80% of a property's value. Some professions, mainly medical doctors and accountants, can access LMI waivers that let them borrow up to 90% or even 95% without paying the insurance premium. As at August 2026, there were no lenders offering LMI waivers specifically for tradies or trade-qualified professionals.

If you're borrowing above 80%, you'll pay LMI. The premium varies depending on your deposit size and loan amount, but it's typically several thousand dollars for a loan in the $400,000 to $600,000 range with a 10% deposit.

Whether you're employed or self-employed doesn't change the LMI requirement, but it does affect how lenders assess your income and whether you're eligible for certain loan products. Some lenders are more flexible with self-employed applicants than others, and that can influence which cashback offers you can actually access. If you're running your own business, self-employed loan policies will determine which lenders you can work with.

Income Verification for Self-Employed Tradies

If you're self-employed, most lenders will ask for two years of tax returns to verify your income. St George Bank has a Fast Track assessment method that lets you provide just your latest two individual ATO Notices of Assessment if you're borrowing up to 80% of the property value. That's quicker than preparing full financials, and it works if your taxable income is consistent across both years.

For loans above 80%, or if your income has varied significantly, St George may use a one-year assessment or assess based on your most recent year's income, provided you meet their eligibility criteria. Other lenders have similar policies, though the specifics vary.

The income verification method doesn't directly affect cashback eligibility, but it does affect which lenders will approve your application in the first place. If you don't meet a lender's income verification requirements, you won't get the loan, and the cashback offer becomes irrelevant. In our experience, self-employed tradies often qualify for the same cashback offers as PAYG borrowers once their income is verified, but the upfront documentation requirements are heavier.

Common Eligibility Requirements for Cashback Offers

Most cashback offers share the same set of eligibility conditions. You'll need to borrow a minimum amount, usually between $250,000 and $500,000, though this varies by lender. The loan must be for owner-occupied purposes in most cases, though some lenders extend cashback offers to investment loans as well. You'll need to settle the loan within a set timeframe, typically 90 to 120 days from application, and you'll need to stay with the lender for a minimum period, usually two to three years.

If you refinance away or pay out the loan before the minimum period ends, you'll be required to repay the cashback in full. Some lenders will also claw back the cashback if you switch from principal and interest repayments to interest-only, or if you reduce your loan balance below the minimum threshold within the cashback period.

Internal refinances don't count. If you're already with a lender, you can't refinance from one of their products to another and claim the cashback. The loan has to be new business for the lender, either a purchase or a refinance from a different lender. Cashback is also generally not available if you're increasing your loan with your existing lender, even if the new loan amount would otherwise meet the minimum. For tradies looking at whether refinancing makes sense, the cashback is one factor, but the interest rate and loan features matter more over the long term.

Costs Associated with Refinancing

Refinancing isn't without cost. You'll usually pay a discharge fee to your current lender, typically between $150 and $400. If you're on a fixed rate and you break the loan early, you may be charged break costs, which can run into thousands of dollars depending on how much rates have moved since you fixed. Your new lender may charge an application fee or a settlement fee, though many lenders waive these during promotional periods.

You'll also need to factor in the interest cost of switching. If your current loan is charging 6.0% and the new lender is offering 6.3%, you're paying an extra 0.3% per year in interest. On a $500,000 loan, that's $1,500 per year. A $3,000 cashback might cover the first two years, but after that you're paying more than you would have if you'd stayed put or switched to a genuinely lower rate.

Valuation fees and legal fees may apply, though many lenders cover these costs as part of a refinance package. The actual cost of switching varies depending on your current loan terms and what the new lender is offering, but it's rarely zero. Calculate the total cost before you commit, including any break fees, ongoing rate differences, and the value of features you might be giving up.

How Cashback Payments are Typically Made

Cashback is paid after settlement, not at settlement. Most lenders will deposit the cashback into your nominated account between 60 and 120 days after your loan settles. The exact timing depends on the lender's terms and conditions, and some lenders require you to submit a claim form before they'll process the payment.

The cashback is paid as a lump sum, and it's usually deposited into the account you nominated on your loan application. You can use it however you like: offset it against your mortgage, pay down other debts, or spend it on something else entirely. Just remember that if you refinance away or pay out the loan before the minimum term ends, you'll need to repay the full amount.

Some lenders will credit the cashback directly to your home loan account, which reduces your loan balance immediately and cuts the interest you'll pay over time. Others will pay it into a separate transaction account. Check the lender's terms before you settle so you know when to expect the payment and where it will land.

Call one of our team or book an appointment at a time that works for you. We'll run through the current cashback offers, calculate whether refinancing actually saves you money once all costs are factored in, and sort out the income verification side if you're self-employed. No jargon, no runaround, just a clear answer on whether it's worth switching.

Frequently Asked Questions