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14 minute read
Want free cash to stay with your bank?
There's exciting news for homeowners who've been loyal to their bank! While many banks offer incentives for new home loans, did you know they might also be rewarding existing customers who've been with them for a while?
Andrea Rowlands
21 May 2024
Please Note: This newsletter was originally published on 21st May 2024. While the information presented here may still be valuable, some aspects may be outdated.
Cash Bonus for Staying Put:
Did you know you could potentially receive a cash bonus for simply keeping your mortgage with your current bank? This could be a great way to get a better deal with your bank (and cash in your pocket!), without actually having to refinance.
While the specifics vary by bank and loan size, the banks are offering up to 0.90% of the loan amount for new customers. For existing customers, it's typically around 0.50% to 0.70%, taking into account the fact that you avoid refinancing costs like legal fees or valuations by staying put.
Here are some client examples: Last week, three of our clients received cash bonuses of $3,100, $5,000, and $7,540 for staying with their current banks.
Think of it as a thank you for your loyalty, and an incentive to stay for another 3 years!
How It Works (The Simple Version)
The specifics can vary depending on the bank and your loan details, but here's the general idea: If you've had your home loan with your current bank for 3+ years and are out of the original contribution timeframe, you might be eligible for a cash payment. The amount typically isn't as high as new customer incentives, but it can still be a significant amount of money. Best part? You don't have to deal with refinancing costs like legal fees or valuations. Tella Wants to Help You Find Out
There is one bank out there pre-empting and offering upfront. Others you have to ask. So if you have been loyal to your current bank for 3-4 years now with your home loan, it wouldn't hurt to ask and have some extra cash in your account at the moment.
At Tella, we believe in informed decision-making when it comes to your home loan. Whether you're a new borrower or a loyal customer looking for the best deal, we can help you navigate the options.
We're happy to do the legwork for you and help you maximise your savings!
P.S. Remember, bank incentives and offers can change frequently. This email provides a general overview as of 20th May, 2024.
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