Customers looking to beat the interest rate blues and join the wave of Aussies refinancing are being enticed by lenders offering sizeable cashback offers from $2,000 up to $10,000.

This comes as ABS data to the December quarter revealed borrowers are continuing to switch lenders for lower interest rates, with the value of refinances in November and December 2022 exceeding $13 billion.

Further, CoreLogic Head of Research Eliza Owen noted with external refinancing hovering around record highs, banks will also be more incentivised to reduce their mortgage rate offerings to stay competitive."

Non-bank lender Reduce Home Loans currently offers the largest refinance cashback offer based on InfoChoice market research, offering $10,000 for customers with a mortgage of $2,000,000 or greater.

Those tempted by Reduce Home Loans offer must note that loans are to remain current with Reduce Home Loans for a minimum of 24 months after the loan settlement.

Serial cashback refinancers who may look to move on from their Reduce Home Loans loan for another offer within the 24 months from when the cashback is paid, will be required to repay this amount at the time of discharge.

For those with a lesser mortgage, NAB backed digital lender ubank offer a cashback of $4,000 for loans between $250,000 and $1,000,000 while $5,000 cashback is offered for refinancing a loan of $1,000,000 or more.

Australia's major banks have looked to remain competitive with a number of non-bank lenders, including Reduce Home Loans and ubank, replicating their cashback offers of up to $4,000.

At the time of writing both CommBank and NAB offer refinance cashbacks of up to $2,000, Westpac offers up to $3,500 and ANZ leads the pack with an offering of $4,000.

Largest refinance cashback offers

Below are some of the largest cashback offers available for those looking to get ahead on their mortgage.

Lender Refinance amount Conditions
Reduce Home Loans $10,000 Apply by 31 March 2023 and settle on or before 30 June 2023.
Loan amount must be $2,000,000 or more with a LVR of no more than 90%.
ubank $5,000 for loans of $1 million and over.

$4,000 for loans of $250,000 to $1 million.
Apply by 28 February 2023 and settle on or before 30 April 2023.
All loans must have an LVR of 80% or less to receive eligible cashback payment.
ANZ $4,000 Cashback applies to eligible loans from $250,000 with an LVR of 80% or less.
AMP $4,000 Apply by 31 March 2023 and settle on or before 30 June 2023.
Available on new refinance applications with a minimum loan amount of $750,000.
Suncorp $4,000 for loans of $1 million or more.

$3,000 for loans of $500,000 to $999,999.
Apply by 30 March 2023 and settle on or before 28 June 2023.
Available on refinance applications when borrowing 90% or less of the property's value.