Give yourself a rate cut and up to $10k cash with cashback refinance deals

Is your current home loan rate causing financial stress to your household budget? It may be worth comparing refinancing mortgage options – and get paid a healthy bonus for it.

Home loan interest rates are on the rise again. The Reserve Bank of Australia hiked the cash rate for the seventh time in a row this month by 25 basis points to 2.85%. It’s safe to say that after months of higher mortgage repayments, homeowners are no doubt feeling the pinch.

One option to consider if your mortgage repayments are causing stress is to refinance to a lower-rate option. And if you’re refinancing in the current market, you may as well consider pocketing some extra cash in the process. 

This month, there are 32 cash back deals on offer for refinancers, with five available for new purchases. These deals range anywhere from $1,500 to $10,000, depending on the value of the property. If cash-in-hand isn’t your thing, you may also apply for home loans offering waived Lenders Mortgage Insurance.

Let’s explore the cashback deals for home loans on offer in November 2022. 

What cashback deals are on offer this month?

• Cashback deals

In November, there are 32 lenders offering cash back home loan deals to eligible customers. This month’s cashback deals range from $1,500 - $10,000, depending on the size of your home loan.

Cashback deals may be provided in the form of cash-in-hand, and are typically used by refinancers to help cover the costs of switching. You may also want to use these funds to chip away at your loan principal, or put them towards a new appliance or home upgrade.

The majority of these are, once again, available for refinancers. However, this month, five lenders are also offering cashback deals to new purchasers as well. This includes:

• ubank
• Credit Union SA
• Reduce Home Loans
• Australian Unity
• Heritage Bank

• Reduced Lenders Mortgage Insurance

Another sign up deal available to home buyers is the potential to qualify for waived or reduced Lender’s Mortgage Insurance (LMI).

LMI can climb into the tens of thousands of dollars range if you apply with a deposit less than 20%, and your LVR is above 80%, making it one of the most expensive upfront home ownership costs.

In November, this lender is offering waived or reduced LMI to eligible first home buyers:

• For St. George customers, the offer of $1 LMI is available to eligible first home buyers with a 15% deposit, looking for an owner-occupier home loan, and planning on making principal and interest repayments.

Keep in mind that there is more to a home loan than a deal being offered to you, and it’s always important to compare the interest rates, fees, and features of a loan before applying.

For more information on whether one of the above loans may suit your finances, consider using our Home Loan Calculator to see how potential repayments could fit in your budget.

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