Major bank offers $1,000 home loan sweetener

by Adam Smith22 Sep 2014
A major bank will begin handing cash incentives to borrowers as home loan competition heats up.

NAB will begin offering a $1,000 cash incentive for new home loan customers, Fairfax has reported. The cash incentive will be offered on a pre-loaded EFTPOS card, and will be available for home loans of at least $300,000.

This offer is also extended to new NAB home loans settled through their broker network.

"The roll out of this offer to NAB Broker is fantastic news for us and our brokers as it demonstrates the benefits of the Homeside to NAB Rebrand, which is enabling us to pass this great offer on to our brokers and their customers," a spokesperson for NAB told Australian Broker

NAB group executive for product and markets Antony Cahill said the offer differs from a rebate, and can help borrowers with expenses involved in buying a new home.

"An extra $1000 in the pocket this spring can help cover any unexpected costs that can crop up in the process of moving," Cahill told Fairfax.

Cahill told Fairfax the initiative would help grow the bank’s market share during the busy Spring selling season.