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A number of banks and lenders have hiked up their fixed rate home loans, some more than once, in anticipation of the increase of the RBA’s cash rate. This month, Westpac lifted its fixed rate home loan for the second time in 2022 by 0.20% for four-year and five-year fixed terms, 0.15% for two-year fixed term, and 0.10% for three-year and one-year fixed terms. Some are predicting the cash rate increase will begin as soon as August this year thanks to faster economic growth, rising inflation and a drop in the unemployment rate.

It is a great time to consider refinancing your current home loan for lower interest rates, more flexible features, and cashback offers. Yes, fixed rates have gone up slightly over the past few months, but there are still variable rates out there at under 2%. Lenders are still offering cashback deals for those looking to review their current home loans. Some lenders are handing out cashback deals of up to $3,000 per property meaning if you have two home loans, you can receive up to $6,000 and so on. Cashbacks help cover the costs associated with refinancing, such as application fees.