Can you get a cashback when you refinance?

Yes. In fact, most home loan cashback offers are specifically targeted at borrowers who are refinancing from another lender.

Can you get a cashback as a first home buyer?

Yes. While many deals are for refinancers, some lenders have specific cashback offers for first home buyers or general offers that are open to anyone purchasing a property.

What are the disadvantages of cash back?

The main disadvantage is that the offer can distract you from a loan's long-term costs. A loan with a high interest rate or expensive fees can quickly outweigh the benefit of the cashback. Always ensure the loan itself is competitive.

Is it worth refinancing frequently to get multiple cashbacks?

This is generally not a good strategy. Refinancing comes with costs, such as discharge and mortgage registration fees, which can reduce your net gain. Lenders also include clawback clauses that require you to repay the cashback if you leave within one or two years. Finally, restarting your loan term every time you refinance can mean you pay more interest overall.