Feature article
The $14.1 billion lending spike: Did you grab a cash-back?
December smashed records as Kiwi scrambled to switch banks.
AI summary
December saw a record $14.1 billion in mortgage lending, largely driven by a massive surge in homeowners switching banks. This refinancing activity hit a record $5.8 billion, more than double the previous high.
The main incentive was aggressive cash-back offers from major banks, which were ramped up to 1.5% of the loan value. While the largest offers have since been reduced, smaller incentives may still be available for borrowers whose fixed-rate terms are expiring soon.
The "Refi" Rush
Who was making the move?
Is the party over?
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