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Real Estate SecretsIn the realm of home loans, the Industrial and Commercial Bank of China (ICBC) has made a bold move by unveiling a new home loan rate of 5.05% for a one-year term. This offering comes as a breath of fresh air in the banking arena, especially when compared to the rates presented by major banks in New Zealand, which range from 5.19% to 5.29%.
To sweeten the deal, ICBC is also providing a cashback incentive of up to $25,000 for borrowers. This competitive stance taken by ICBC follows a recent initiative by SBS, which set a precedent by offering first-home buyers a rate as low as 4.39%.
Mortgage adviser Karen Tatterson from Loan Market emphasized that this advantageous rate and cashback opportunity apply specifically to new loan approvals. She further explained that typically, cashback offers are granted at the time of loan settlement. On the other hand, Glen McLeod, the head of Link Advisory, commended ICBC for its attractive rate and the substantial cashback provision, noting that such incentives often come with a cap, commonly set at $20,000.
Acknowledging the importance of healthy competition within the market, McLeod encouraged clients to thoroughly review the eligibility criteria associated with these offers. This move by ICBC signifies a positive trend in the industry, signaling potential benefits for home loan seekers. With such enticing rates and perks on the table, borrowers are advised to explore their options diligently to secure the most favorable home loan deal for their individual circumstances.
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