BNZ offers 1% cash back up to $20,000 on new home loans

Bank of New Zealand (BNZ) has announced that new home loan customers can now get up to 1% of their loan value as cash back up to $20,000.

Karna Luke, BNZ Executive, Customer, Products and Services, said: “BNZ is delighted to offer this market-leading cashback offer, giving people more cash on hand to cover the costs of buying and selling. , which we know will be welcome in times of rising costs.

“We also hope you still have a little room left for something cool that will make your new home your new home,” says Luke.

For a customer buying around the average for an Auckland property, that could mean over $10,000 in cashback, which is above the cap some other banks have put on their offers.

Meanwhile, an average first-time home buyer nationwide, borrowing about $530,000 for their first home, could get $5,300.

Luke: “We know there’s a lot of talk about it being harder to get credit at the moment, but we can assure anyone considering taking on this incredible offer with BNZ that we We’ll work as hard as we can to get your loan approved and your new home with that money in your hand.

This offer ends August 5, 2022, customers must have at least a 20% deposit, borrow $400,000 or more in new loans and withdraw by August 26, 2022 to qualify.

Full details and terms and conditions are available here.

Remarks:

  • Average house price in Auckland based on June 2022 sales information from Barfoot & Thompson, publicly released July 2022
  • Average first-time home buyer price based on March 2022 Centrix sales information, as of May 2022

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