🤑 A "Cash Back" loan is when a lender entices a borrower to go with them, by offering cash - usually after settlement occurs. It's not a bribe.
It often sounds fantastic (thanks to marketing), but there's much to consider.
✅ Cash back deals can be worth it if they act as a bonus for switching to a lower-interest or more-featured or better-suited loan, but probably not worth it if they only entice you into a loan with higher costs. These incentives, up to $3,000, are best thought of as covering switching costs, and not as the primary reason to refinance.
A quality licenced broker can determine your needs and help you decide if a cash back loan is in your best interests!
(PS - these offers were more popular a few years ago, now they're not prevalent - thankfully!!)
Truly's advice, financial services and property strategies are complimentary. We do this for the best interests of our clients and we relentlessly strive to serve as the best mortgage brokers with uncommon excellence!
James Brett. Principal Mortgage Broker ☎️ 0439 591 759
Victor Simone. Principal Mortgage Broker ☎️ 0438 257 888
Nermalee Bowe. Senior Mortgage Broker ☎️ 0431 274 554
Dragan Disljenkovic. BD & Relationship Manager ☎️ 0422 435 900
Credit Representative Numbers 521733, 550284 & 547037 are authorised under Australian Credit Licence 389328
