Cashback home loan deals in October 2024

With the RBA holding the cash rate steady for the seventh consecutive month, homeowners are continuing to grapple with the highest cash rate in over a decade. With no immediate rate cuts in sight, some might be thinking about refinancing to ease the pressure on their household budgets.

While refinancing could be a potential way to save money or find a better deal, it’s important to remember that it comes with associated costs. But some banks may offer cashback deals to help offset these expenses.

These cashback offers can put some money back into your pocket, which you can use however you like - be it for padding your offset account, funding a small home reno, or even taking a holiday. However, while cashback deals are appealing, it’s also important to consider other factors, like interest rates, features, fees and other costs associated with a loan. As always, remember to compare your options to make an informed choice for your finances.

Currently, there are 7 lenders offering cashback deals in October; significantly fewer than the peak of 35 cashback deals in March 2023. Under the right circumstances, you may be able to receive cashback from $2,000 up to $4000. Keep in mind that the cashback you're eligible to receive will depend on key factors like your eligibility, the total loan amount, and your loan-to-value ratio (LVR).

*For New Loans- FHB only

Source: RateCity.com.au. Data accurate as of 03 October 2024. Value of cashback you may be offered will vary depending on the lender's eligibility criteria.