When cash-back opportunities help shifting the market

25 Novembre 2025

If September felt like everyone was waiting, November feels like people have started moving and are stepping forward with a little more conviction.

Buyers who were sitting on the fence a couple of months ago are now booking valuations, requesting pre-approvals and making offers. Activity has increased, even though prices have not changed dramatically. Nationally, values are still sitting slightly below last year’s levels but broadly stable month to month.

What has changed is confidence.

One of the biggest drivers has been bank cashback offers. Several major lenders have been competing strongly for quality borrowers and have been offering significant cash contributions at settlement. For many buyers, that has made a real difference.

Upfront costs are often the most stressful part of buying property. Legal fees, reports, moving expenses and initial setup costs add up quickly. When a bank contributes cash back at settlement, it reduces that pressure immediately. I have seen buyers who were planning to wait until next year decide to move forward because the overall structure suddenly felt manageable.

Interest rates have also stabilised and the vendor/buyer relationship feels more balanced.

While they are not low by historical standards, they feel more predictable. That predictability helps people plan. Many borrowers who are refixing now are landing in a position that feels workable and pretty much sustainable. That stability supports decision-making.

At the same time, buyers are approaching negotiations with more confidence.They are taking their time, running detailed numbers and asking thoughtful questions. Vendors have learned to be more pragmatic, too, and now, there seems to be more room to negotiate on price and conditions.

Investors have started re-entering conversations as well. With prices steady and lending competitive, entry points look more rational than they did during peak growth periods. Cashback offers improve short-term cash flow modelling and make some deals stack up that previously felt tight.

From my side of the desk, lender behaviour is important right now. Banks are actively seeking strong borrowers. That means clean income profiles, clear financial records and sensible debt levels are being rewarded. It also means structure matters more than ever. The right combination of rate, term and contribution can significantly change the outcome.

A big part of my job is making sure a client’s lending position is presented as clean, stable and well-structured as possible before it even reaches a bank’s credit team. That means organising income properly, managing liabilities thoughtfully and shaping the application in a way that gives lenders confidence. Banks like clarity and predictability.

When a file is clear and structured well, options open up. When it is messy or rushed, flexibility disappears.

Cashback campaigns do not last forever. They are usually strongest when banks want to grow market share. Right now, competition between lenders is working in the borrower’s favour. That is worth paying attention to.

November has not brought dramatic price shifts, but it has brought more transactions. Buyers are stepping forward because the numbers make sense for them. When structure, stability and incentive align, decisions become easier.

The market feels practical. And practical markets allow good decisions to be made.

— Alfonso

Director, Hawkeye Finance