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, largely driven by homeowners switching banks to secure lucrative cash-back offers.
This refinancing rush accounted for $5.8 billion of the total, as major banks offered up to 1.5% of the loan value in cash. The data suggests "safe" borrowers with good debt-to-income ratios were the primary group taking advantage. While the biggest cash-back deals have since been reduced, smaller incentives may still be available for those considering a switch.
The "Refi" Rush
Who was making the move?
Is the party over?
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