Lender offers $1,500 incentive to switch mortgage providers



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Newcastle Permanent is offering home loan borrowers a $1,500 cash payment if they refinance with the building society.

To be eligible for the Newcastle Permanent cashback offer, mortgage borrowers must refinance loans of at least $250,000 that are currently with other lenders.

They must choose a variable interest rate and have a loan-to-value ratio (LVR) no higher than 80 per cent.

The initial loan application must be received by 30 November 2018, and approved and funded by 1 February 2019.

Newcastle Permanent’s Premium Plus Package has a discounted variable rate starting from 3.72 per cent (comparison rate 4.10 per cent) for owner-occupiers paying principal and interest.

At the end of July, the average interest rate of all the owner-occupied, variable, principal-and-interest mortgages listed on RateCity was 4.30 per cent.

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