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The major banks have nabbed the considerable home lending flows in the wake of the COVID-19 crisis, thanks to an inflow in refinance applications from borrowers lured by cashback offers. Now the question is Should you be wary of cash-back offers?

It might be worth go through the offer and do the refinance looking at the cashback amount. Cash-back offer is a marketing enticement to attract consumers to switch to a provider’s product or service. 

The specialist ( like Mortgage Broker)  will be able to evaluate whether the cash-back offer is worth it, taking into consideration the fees and interest rate of the home loan.

They are a great bonus, especially if you’re shaving down your repayments by refinancing to a lower interest rate. You can use the money for immediate purchases or put it straight towards paying off your home loan.