One lender has launched a cashback incentive for brokers after two earlier promotions generated a 50 per cent jump in applications.
CUA has announced a new $500 cashback offer for eligible new home loans refinanced to CUA and applied for in June.
The credit union announced in April that its premium range of fixed-rate home loans would be priced the same as its basic range. That offer will continue for the foreseeable future.
CUA also announced in April that it would waive establishment fees for home loans with an LVR under 80 per cent. That offer will continue until June 30.
CUA’s group general manager of distribution, Darrin Northey, said CUA had enjoyed a 40-50 per cent rise in applications since those two offers were announced.
Mr Northey told The Adviser that the new cashback offer was designed to keep the momentum going.
“We’re at an important time of the year, it’s competitive in the marketplace, and we wanted to make sure we kept that momentum going,” he said.
“There’s no question there’s increased competition in the market. Competition has been very hot for the past six months and part of our proposition is to offer consistently great value, so it’s important for us to keep looking at the offers we have in the marketplace.”