The ‘cheap’ mortgage refinance deals that cost borrowers more
Cashback offers to change lenders could end up hitting a borrower with thousands of dollars in extra fees and higher rates. Here’s how to avoid them.
Paying off a home loan in retirement is a good strategy as debt is always a higher risk. Shutterstock
Property borrowers who switch loans to cash in on lucrative cashback offers from lenders could end up thousands of dollars worse off after including fees, charges and tougher terms.
Dozens of lenders are offering cashbacks, ranging from VicBank’s $1500 to $5000 from Reduce Home Loans, with the big four lenders averaging about $2500, analysis by financial comparison site RateCity shows.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Financial services
Fetching latest articles