Lenders Offer Varied Incentives to Attract Loan Switchers

Lenders have been offering a variety of incentives to borrowers as interest rate fluctuations focus peoples’ attention on whether to switch lenders.

• Queensland-based lender Firstmac is offering a three-year family membership to Brisbane Broncos rugby league team on its 5.21% (5.26% comparison rate) Broncos loan.
• Loans.com.au is offering a special rate of 4.75% (4.77% comparison rate) for home owners looking to refinance before May 20.
• RAMS is offering refinancers $1000 in cash if they choose any RAMS loan for those applying before the end of May.
• The Bank of Melbourne is offering those who switch $700 in cash for those applying before the end of July.
• Mozo has brought back its mystery bank deal and is offering switchers 5.33% (5.35% comparison rate).
• UBank is offering a 0.25% per annum upfront discount offer for a limited time with a variable rate of 4.87%.
• And Coastline Credit Union is offering switchers $750 in cash to switch over to their offering.

Reported by Alistair Walsh – Property Observer – May 2013