In the highly competitive world of mortgages, lenders and brokers are finding an increasing number of ways to help borrowers, including cash backs on their loans.
Mortgage House for example is offering up to $1,500 for borrowers who take up a minimum of $150,000 loan. Borrowers can choose from the lender's range of home loan products including the Freedom Home loans <hyperlinked to our website>. The cash back can be accessed after loan settlement.
"The great thing about cash back, is that you can spend it now on a family treat or on adding value to your home. Or you can perhaps reduce your mortgage by paying some of it off," said Sean Bombell, general manager with Mortgage House.
With break costs for refinancing ranging anywhere between zero and $3,000, a cash back could very well cover these additional costs.
Brokers such as Mates Rates and Peach Home Loans are also offering mortgage rebates for clients who use their services to secure a loan.
Peach offers borrowers' commission shares on a sliding scale. As a guide, Peach offers $500 for a loan of $450,000, which is around 0.11% of your loan balance.
Mates Rates Mortgages on the other hand, pays 100% of all ongoing commission to its borrowers on a monthly basis, regardless of lender or loan amount. Mates Rates advise borrowers receive between 0.15% p.a. and 0.25% p.a.
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