Offers by banks to pay cash lump sums to people who take out home loans are disappearing, and tougher stress tests are making it harder to meet lending criteria, says a major mortgage broker.
Mike Pero Mortgages chief executive Mark Collins said cashbacks were getting smaller and harder to get.
Collins said six months ago home-buyers were able to get $5000 to $7000 in cash from their bank by switching or taking out a new mortgage.
“5k was the average six months ago. And now we are probably getting more zeros.”
It was still possible to get a cash sweetener but it was likely to be between $3000 to $5000 and only for the right client and from certain banks, Collins said.
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