Cashback home loan deals in February 2025

All four of Australia’s big banks now forecast that the Reserve Bank of Australia (RBA) will cut the national cash rate in February 2025. If lenders pass on this potential rate cut, borrowers could see lower mortgage repayments in the months ahead.

While you wait for a rate cut, it may be worth taking control of your mortgage now to see if you can find a more suitable deal.

Checking in with your mortgage from time to time can help you ensure that your home loan remains competitive and suited to your evolving financial needs and goals. Refinancing to a lower rate or a loan with better features could help reduce monthly repayments, cut down interest costs, or free up cash flow. While switching lenders can involve upfront fees, some banks offer cashback deals that help offset these costs.

At the time of writing, there are 10 lenders offering cashback deals, with the majority of offers for refinancers only. These cashback incentives typically range from $2,000 to $10,000, depending on the loan you choose. There may also be some additional conditions for earning the cashback. However, borrowers are generally free to use the cashback for various purposes - whether for covering refinancing costs, making small home improvements, or boosting an offset account to save on interest.

While cashback deals can make refinancing more appealing, they shouldn’t be the only factor in your decision. It’s just as important to assess the interest rate, loan features, and fees to ensure refinancing actually delivers the savings you’re looking for. Comparing your options carefully can help you find a loan that truly benefits your financial situation in the long run.

*For New Loans - FHB only

Source: RateCity.com.au. Data accurate as of 04 February 2025. Value of cashback you may be offered will vary depending on the lender's eligibility criteria.