Homeowners were left high and dry earlier this week when the Reserve Bank announced it would keep the cash rate on hold but mortgage holders have been served a chance to get free money.

Finder.com.au analysis of mortgage deals has revealed banks are in a full blown cash war – and homeowners are the winners.

A dozen lenders are currently offering generous cashbacks of up to $5000 – or up to 300,000 in Qantas points – for those who switch lenders. And it’s usually at the same loan terms and rates.

Finder head of consumer research Graham Cooke said banks were throwing money at borrowers because of rising competition in the loan sector.

It meant lenders were pulling out the stops to grab a bigger slice of the mortgage market.

Finder home loans expert Richard Whitten added that the cashbac

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