Cashback promos quietly return as battle for home loans intensifies
The country’s largest lenders are quietly offering thousands of dollars in upfront cash to win and keep home loan customers, revisiting a period of intense competition and shrinking margins.
The major banks – except for ANZ – ended cashback promotions last year after a crunch in profits, with Commonwealth Bank chief executive Matt Comyn warning at the time the country’s largest lender was writing home loans below the cost of capital.
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