More lenders than ever are offering generous cash incentives – some more than $4000 – to attract new mortgage customers. However, experts have warned refinancers should prioritise competitive interest rates over enticing perks.
Most cashback offers are available only to those refinancing – usually those with at least 20 per cent equity in the property being refinanced – and some require a minimum loan size of at least $250,000 to qualify for the cash. “If you opt for a cashback deal, think about putting the cash straight back into the mortgage to reduce the debt, particularly as more rate increases are likely on the way.”
‘The remainder of the year will be tough for many families with a mortgage as inflation and interest rates ramp up in the lead up to Christmas.’For someone with a $1 million mortgage, their monthly repayments would rise by $1818 since the start of the cycle. Most lenders have not yet said how they are going to respond to this week’s rise in the cash rate, however many of the big-bank lenders are often quick to pass rate rises on to their customers.
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