BNZ offers up to $20,000 cash back to mortgage borrowers

Monday, 4 July 2022

BNZ said the cash back deal would help the cost of buying and selling.

BNZ is offering home loan customers up to 1% of the value of their loans, or a maximum $20,000, as cash back.

Spokesperson Karna Luke said it would help people cover the costs of buying and selling.

Luke said, for a customer buying an average Auckland property, that would mean $10,000 cash back.

An average first-home buyer borrowing $530,000 would get $5300.

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To qualify, customers must have at least a 20% deposit and be borrowing more than $400,000.

It comes after Kiwibank launched its own 1% cash back offer, with a limit of $10,000.

Banks can only lend 10% of new loans to owner-occupiers with a deposit of less than 20%, so borrowers with a larger deposit are able to access better rates and other deals from lenders.