Refinancing: is it actually worth switching banks?

When your fixed term rolls over, your bank will often just offer you its standard rate. Switching to another lender can mean a sharper rate and a cashback — but it's not automatically the right move.

First, weigh the cashback against the rate. A large cashback paired with a higher rate can cost you more over a two-year fixed term than a smaller cashback at a lower rate.

Second, watch the clawback. Most cashbacks must be repaid if you leave within a set period (often around three years). If you might sell or refinance again soon, factor that in.

Third, consider the hassle and any legal/valuation costs. We do this maths for you across the whole market, then negotiate with your current bank too — sometimes staying put on a better-negotiated rate wins.