Home owners looking for an interest rate cut this week have been left disappointed, but lenders still have perks on offer for existing borrowers prepared to move their loan.

While experts say mortgage refinancers can get an initial boost from switching deals, including cashbacks and even frequent flyer points, whether the borrower ends up ahead longer term depends on a range of factors including loan term and size, and fees.

“A cashback can potentially work in the short term, particularly if you can find a cashback with a competitive rate attached,” Canstar data insights director Sally Tindall said.

“But in the long term, what we often find is a low, competitive rate typically trumps a one-off perk, like a cashback, especially on larger loans.”

The Reserve Bank on Tuesday left the cas

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