Explore Cashback Home Loan Offers for October 2024: Save on Your Mortgage
As the Reserve Bank of Australia (RBA) maintains the cash rate for the seventh month in a row, homeowners are facing the highest cash rate seen in over a decade. With no immediate cuts to interest rates anticipated, many are considering refinancing options to alleviate financial strain on their household budgets.
Refinancing can be a strategic move to save money or secure a more favorable loan deal, but it is crucial to be aware of the associated costs. Fortunately, some banks are currently offering cashback deals that can help mitigate these expenses.
These cashback offers can provide a financial boost, allowing you to allocate funds for various purposes, whether it’s enhancing your offset account, financing a small home renovation, or even planning a getaway. However, while these cashback incentives are enticing, it’s essential to evaluate other critical factors such as interest rates, loan features, fees, and additional costs before making a decision. Always compare your options to ensure you’re making the best financial choice for your situation.
As of October 2024, there are seven lenders providing cashback deals, a notable decrease from the peak of 35 cashback offers available in March 2023. Depending on your circumstances, you could receive cashback ranging from $2,000 to $4,000. Remember that the amount of cashback you qualify for will depend on several factors, including your eligibility, the total loan amount, and your loan-to-value ratio (LVR).