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

Bank of New Zealand (BNZ) has announced new home loan customers can now get up to one percent of the value of their loan as cashback up to $20,000.

BNZ Executive, Customer, Products, and Services, Karna Luke, says, “BNZ is thrilled to be offering this market-leading cashback offer, giving people more cash in their hand to cover the costs of buying and selling, which we know will be welcome during a time of rising costs.

“We also hope there’s even a bit left over for a something nice to make your new house truly your new home,” says Luke.

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

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

Luke: “We know there’s a lot of chat about credit being harder to get right now, but we can assure anyone thinking about taking up this awesome offer with BNZ that we’ll work as hard as possible to get your lending approved and you into your new home with this cash in your hand.”

This offer ends 5 August 2022, customers must have at least a 20% deposit, be borrowing $400,000 or more in new lending, and be drawing down by 26 August 2022 to be eligible.

Full details and terms and conditions are available here.

(Average Auckland house price based on Barfoot & Thompson’s June 2022 sales information, publicly reported in July 2022. Average first home buyer price based on Centrix’s publicly reported March 2022 sales information, public reported in May 2022)