Lenders offer varied incentives to attract loan switchers

Lenders have been offering a variety of incentives to borrowers as interest rate fluctuations focus peoples’ attention on whether to switch lenders.

Queensland-based lender Firstmac is offering a three-year family membership to Brisbane Broncos rugby league team on its 5.21% (5.26% comparison rate) Broncos loan.

The Broncos last won a premiership in 2006.

Loans.com.au is offering a special rate of 4.75% (4.77% comparison rate) for home owners looking to refinance before May 20.

RAMS is offering refinancers $1000 in cash if they choose any RAMS loan for those applying before the end of May.

The Bank of Melbourne is offering those who switch $700 in cash for those applying before the end of July.

Mozo has brought back its mystery bank deal and is offering switchers 5.33% (5.35% comparison rate).

UBank is offering a 0.25% per annum upfront discount offer for a limited time with a variable rate of 4.87%.

And Coastline Credit Union is offering switchers $750 in cash to switch over to their offering.