The Truth About Bank Cashbacks: What $20,000 Really Means
The highly publicized "cashback wars" between banks have many Kiwi homeowners wondering how to claim their share of advertised $20,000 incentives. But what's the real story behind these attention-grabbing headlines?
We break down exactly how mortgage cashbacks work, revealing the often-overlooked mathematics behind these offers. While $20,000 sounds incredible, this would require borrowing over $2 million, as cashbacks typically represent just 0.8-0.9% of your total loan amount. For the average New Zealand mortgage of around $500,000, a more realistic expectation would be approximately…
The skinny
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