PHOTO: 123RF – During the height of the property market, tempters ran to $10,000 or more for big business. Now, it’s common to get a few thousand to cover legal fees.
Buyers are being warned to understand what they sign up to when they take a cash “sweetener” from the bank.
Banks often offer cash payments of thousands of dollars to new borrowers to win their home loan business.
During the height of the property market, this ran to $10,000 or more for big business. Now, it’s common to get a few thousand to cover legal fees.
Broker Callan Wayne-Bowles, of the Home Loan Shop, said sweeteners were often 0.5 per cent to 0.8 per cent of the total amount borrowed, if the borrower had more than 20 per cent equity.
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