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 massive surge in refinancing. Homeowners switched banks to secure large cash-back offers, which peaked at 1.5% of the loan value.
This activity was largely from financially "safe" borrowers taking advantage of the situation. While the biggest cash-backs have been reduced, smaller incentives may still be available for those with loans due for renewal, suggesting more switching activity could be on the way.
The "Refi" Rush
Who was making the move?
Is the party over?
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