Cash backs are back
Cash backs are returning to pre-Covid levels across the main banks, advisers say, amid strong competition for high quality borrowers in the housing boom.
Friday, November 6th 2020, 6:54AM
According to a snap survey conducted by TMM Online, cash backs are back at between 0.6%-0.8% across the traditional retail banks, amid a scramble for customers.
The banks are becoming more receptive to borrowers as the housing market soars to new heights, advisers said.
As the market appears to have avoided a crash following the Covid lockdown, lenders have begun to entice borrowers with better deals.
Cash backs have even returned for high LVR borrowers, with ASB offering $2,000 for first home buyers.
BNZ is said to have lifted cash backs to 0.8% over the past couple of weeks.
The increased cash back deals are a sign of lender confidence following Covid.
The housing market has defied expectations to soar to record heights, with $7.3 billion in new lending in September.
In mid-April, during level four lockdown, cash-back offers dropped below 0.4% as lenders tightened up in the face of the pandemic.
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