Cashback offers are more popular than ever, but experts are urging Australians to run the numbers before being pulled in.
to move their mortgage but experts are calling on Australians to do the maths before making the leap.
“With the value of refinancing at a near record high, the market is awash with perks such as cashback offers in a bid to attract new customers,” said Ms Tindall.“[However] people who are prone to setting and forgetting their home loan should be wary of shiny one-off perks that work in their favour but only in the short term.
According to RateCity calculations, a borrower with a $500,000 loan who switched and took the cashback, would pay $46,767 in interest and fees after the cashback over two years. Mortgage broker and director of Pink Finance Nicole Cannon described banks’ use of cashback deals as a sales and bargaining tool as “quite problematic”.
However, within that 12-month period, it may still be worth using rival lenders’ cashback offers as a way to negotiate a lower rate with your current bank, she added.
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