Lenders offering cash to entice customers

Lenders offering cash to entice customers
Lenders offering cash to entice customers

Lenders including NAB, Commonwealth Bank and St George Bank have all begun offering cash incentives to borrowers as the spring property market kicks into gear.

NAB is offering borrowers who apply for a new home loan with a principal and interest value of $300,000 of greater by 31 October a $1,000 eftpos card.

The lender has previously landed in hot water with the Australian Securities and Investments Commission (ASIC) after it released potentially misleading advertisements regarding a different eftpos offer.

ASIC fined NAB $40,800 over the UBank home loan ads, which promsed a $2,014 eftpos card but failed to disclose all the relevant eligibility details.

St George Bank is offering a $1,250 rebate for borrowers who apply for an Advantage Package home loan before 30 October and settle before 28 February 2015.

Other Westpac-owned banks are offering similar rebates. Borrowers who switch to the Bank of Melbourne or BankSA and take out an Advantage Package loan before 30 November will receive $1,250 to help cover their transfer costs.

The Commonwealth Bank also offers a rebate, though only to first home buyers. Those taking out their first home loan with the Commonwealth Bank before 29 November, with a minimum loan size of $100,000 and a minimum 10% deposit are eligible for a $1,000 cash rebate from the lender.

Tags: 
Home Loans

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