The $14.1 billion lending spike: Did you grab a cash-back?

December saw a record $14.1 billion in mortgage lending, largely driven by a $5.8 billion surge in refinancing as Kiwis switched banks.

The main incentive was lucrative cash-back offers, which major banks temporarily increased to 1.5% of the loan value. According to Cotality, this rush was led by financially "safe" borrowers.

While the best cash-back deals have reportedly ended, refinancing could still be a valuable option for those on floating rates or with fixed terms expiring soon.