Cashback home loan deals in November 2024

In November, with the RBA holding the cash rate steady, Australian homeowners continue to face high interest rates, with no immediate relief on the horizon. Although predictions from major banks suggest a rate cut could arrive as early as February 2025, borrowers may still feel the strain in the meantime.

For those looking to ease some pressure on their household budget, refinancing could be an option to secure a better deal. While refinancing can potentially help save on interest charges or reduce monthly repayments, it’s essential to consider the associated costs. Traditionally, some lenders have helped offset these costs with cashback offers.

These cashback deals, typically ranging from $2,000 to $4,000, can help cover some of the upfront costs associated with refinancing. You can generally use the funds as you like, whether it’s to build an offset account balance, fund minor home renovations, or cushion household expenses. While enticing, it’s important to consider the overall value of a loan rather than simply comparing the size of the cashback offered by lenders. Evaluate cashback offers alongside the loan’s interest rate, features, fees, and other costs to ensure that refinancing delivers the savings you’re after.

Currently, eight lenders are offering cashback deals in November - a significant decline from the 35 deals available in March 2023. Keep in mind that the cashback you're eligible to receive will depend on 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 05 November 2024. Value of cashback you may be offered will vary depending on the lender's eligibility criteria.