We are seeing in the home loan market, banks offering large cash incentives to bring your low deposit first home loan to them. 

Here is another reason why Mortgage Advisers or Mortgage Brokers are hugely valuable. We are able to highlight the advantages and disadvantages of these cashback promotions.

Currently major banks are offering $5,000 cashback, however some banks will do this but provide higher interest fix rates than their advertised special rates which are reserved for borrowers with 20% deposit or more.

There are banks that belong to the Kainga Ora home loan scheme "First Home Loan". The banks that participate in this scheme can offer special fixed rates and also provide cash offers ranging from $5000 to $2,000 (with other benefits).

Its also noteworthy that the cashback offers come with a clawback clause. If you accept the cashback and refinance/ sell your property within a precribed period then the bank can ask for a portion or all of it to be fully repaid.

Our recommendation - do your research or talk to us and we can do this all for you and present our findings on the best option for you to suit your personal situation.

The cash offers mentioned above are only available as at 3 February 2025 and are subject to change without notice. Terms and conditions apply to recieve the cash offers above.