BNZ's sleight-of-hand $20k cashback offer for new mortgages

(Image: Deposit Photos)

Mon, 04 Jul 2022

In another sign of how competitive the mortgage market is becoming as the volume of lending drops, the Bank of New Zealand (BNZ) is offering new mortgage customers up to $20,000 back in cash.The offer trumps the government-owned Kiwibank’s offer in early June of up to $10,000 cash to new mortgage customers, which expired in late June.However, both banks' offers are up to 1% of each loan back in cash. The National Australia Bank-owned BNZ is capping its offer at double Kiwibank’s.Given that few customers of either bank are likely...

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