A home loan cashback is a financial incentive offered by some lenders to attract borrowers to take out a new home loan or refinance an existing home loan to a new lender. It is usually a lump sum of money deposited into the borrower’s deposit account after they have successfully settled their home loan and met the relevant criteria set by the lender, for example, minimum loan amounts and maximum loan-to-value (LVR). For IMB’s current cashback offer, see here.
Usually, the cashback can be used for whatever purpose the borrower wants such as using the funds to reduce the loan balance, covering the costs of moving or refinancing or adding it to your savings account.
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