Banks boost home loan sweetners to lure new custom

 The number of bonuses available with new home loans has doubled in the last six months according to analysis by the Mozo Rate Chasers at financial comparison website mozo.com.au. 

There are now 20 deals available on the market ranging from cash back offers up to $2000, frequent flyer points and rate discounts. 

The RBA has left the cash rate untouched at 2.5 percent since August 2013 and banks are being forced to offer incentives to stimulate switching interest. 

Interest rates remain at historical lows with the average standard variable rate now sitting at 5.50%.

Mozo spokesperson Kirsty Lamont said that many lenders aren't really willing to cut their rates further so they are trying to create interest in other upfront offers and sweeteners. 

"The influx onto the market signifies the intense home loan competition," she said. 

 



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