As we engage in the traditional Spring period for home loans, lenders are beginning to offer generous “cash incentives” to attract new mortgage customers. Some lenders are offering cash-backs of up to $4,000, and if a loan switch is above $1M, a cash-back of up to $6,000 is on offer.
Most cash-back offers are available to customers who are refinancing, usually with a 20% equity in the property being refinanced, and a minimum loan size of $250,000.
Whilst “Cash-Backs” are very enticing, your finance broker should be able to navigate through the various loan products available to identify pros and cons. Sometimes, whilst switching your loan product with your current lender may be a beneficial solution, you may not meet the new lender’s credit assessment.
So, bear this in mind if you are considering refinancing or purchasing a new property for investment or owner-occupied, contact your finance broker first to discuss all the available options, and prepare your application for the best possibility of success.
Contact Paul to discuss your options and take advantage of the Spring Campaign to refinance or secure your new property. Call Paul on 0417 567 747 today.
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