Who this guide is for
Current market rates (Aug 2026): Variable 5.84–6.09%, Fixed 3yr 5.99–6.49%. Rates vary by lender and equity position.
- Sydney homeowners with $250K+ remaining on their mortgage
- Borrowers who haven't reviewed their rate in 12+ months
- Property investors looking to switch lenders for better terms
- Anyone wanting a clear comparison of cashback vs rate trade-offs
The real challenge
Lenders advertise $4,000 cashback in big numbers but bury the ongoing rate in the fine print. A borrower who chases the cashback often ends up on a rate 0.3-0.5% higher than the best market alternative — costing $3,000-$6,000/year in extra interest on a $700K loan.
The right way to choose is to net the cashback against costs and treat ongoing rate as the primary signal. Most borrowers don't have time to compare a wide lender panel offers each quarter.
How Mortgagefy helps
We compare every active cashback offer in the market against ongoing rate and refinancing costs. We give you a single number: the real net benefit over 24 months. Then you decide which offer wins.
Some lenders offer cashback PLUS a sharp rate — those are the unicorns. We know which lenders are running them right now and which clawback periods to watch (the cashback often has to be repaid if you refinance again within 12-24 months).
How it works — 4 simple steps
Current loan review
We pull your current rate, balance, fixed/variable status and break costs.
Offer comparison
We compare all active cashback offers against ongoing rate AND refinance cost.
Net benefit number
You get a single 24-month net benefit figure for each viable lender.
Application + payout
We lodge, settle, and the cashback hits your account within 60 days of settlement.
Related Equity & Refinance Resources
Calculate your usable equity: Use our home equity calculator to see how much you can borrow and model your refinance scenarios.
Related Equity & Refinance Resources
Calculate your usable equity: Use our home equity calculator to model your equity access and refinance scenarios.
Frequently asked questions
How much cashback can I actually get?
What's the catch with cashback offers?
Will the cashback cover my refinancing costs?
Are cashback offers worth taking on a fixed loan?
How often can I refinance to chase cashback?
Find the best Sydney cashback refinance offer right now
Free assessment. We rank every active offer by real 24-month net benefit — not just the headline cashback number.
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