Feature article
The $14.1 billion lending spike: Did you grab a cash-back?
December smashed records as Kiwi scrambled to switch banks.
AI summary
December saw a record $14.1 billion in mortgage lending, driven by a surge in homeowners switching banks. This refinancing rush accounted for $5.8 billion of the total.
The main incentive was aggressive cash-back offers, which peaked at 1.5% of the loan value. According to Cotality, this activity was led by financially "safe" borrowers rationally taking advantage of the deals.
While the biggest cash-backs have likely ended, smaller offers may still be available for those looking to refinance.
The "Refi" Rush
Who was making the move?
Is the party over?
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