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2020 - Mortgage Cashback from Banks

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  1. #1
    bdw
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    2020 - Mortgage Cashback from Banks

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    Well in Hong Kong, the banks offer 2% cashback on your mortgage every 2 years which is also mind boggling. Even if you don't refinance with another bank, just sign a piece of paper that promises you won't leave them for the next 2 years and they still give you 2% back.
    Last edited by shri; 15-02-2020 at 10:19 AM.
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  2. #2

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    Quote Originally Posted by bdw:
    Well in Hong Kong, the banks offer 2% cashback on your mortgage every 2 years which is also mind boggling. Even if you don't refinance with another bank, just sign a piece of paper that promises you won't leave them for the next 2 years and they still give you 2% back.
    Would you kindly share which bank did this? I didn't get it from Stan Chart

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    Quote Originally Posted by bdw:
    Well in Hong Kong, the banks offer 2% cashback on your mortgage every 2 years which is also mind boggling. Even if you don't refinance with another bank, just sign a piece of paper that promises you won't leave them for the next 2 years and they still give you 2% back.
    Wait .... who used to offer 2% incentive for NOT SWITCHING?
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    Quote Originally Posted by shri:
    Wait .... who used to offer 2% incentive for NOT SWITCHING?
    Yeah first time heard of that.

    Also late last year most banks started slashing their cashback offers to closer to 1%.

  5. #5

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    Quote Originally Posted by bdw:
    Split from another thread

    Well in Hong Kong, the banks offer 2% cashback on your mortgage every 2 years which is also mind boggling. Even if you don't refinance with another bank, just sign a piece of paper that promises you won't leave them for the next 2 years and they still give you 2% back.
    My 1st 2-year period is due in 6 months, I asked yesterday just out of curiosity the rebate offers and they said it was closer to 0.5% instead of 2%

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    Original Post Deleted
    latter one

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    Guys - Was this a case of you taking an offer from a new bank back to your existing bank and they countered with some sort of retention offer?
    @bdw / @SonicYouth1

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    Anyways - current offers are here. Not sure if its complete - AABest and moneyhero tend to only publish offers from paying vendors.

    https://www.aabest.com/en/loan/Mortg...by=3&orderby=0


  9. #9
    bdw
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    My local mate has been with Standard Chartered for 10 years, every 2 years locks in another 2 year contract with them and they give him some cashback between 1%-2% each time. He laughed at me and made me feel like an idiot when I told him I've been with SC for 10 years and I missed out on 5 rounds of cashback. He just calls his relationship manager and sorts it out.

    I finally did it last year, I needed a solicitor because I had mortgage insurance tied to my mortgage so had to redo the whole lot (even if it was SC to SC). But I managed to get 2.1% back and redraw extra up to 50% of my property value which gave mea lot of extra cash back, and then they gave me an offset account so can dump the money straight into there and payback the mortgage straight away. So another loophole to get even more cashback, I actually got about 4% back with this loophole.


  10. #10

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    Quote Originally Posted by bdw:
    My local mate has been with Standard Chartered for 10 years, every 2 years locks in another 2 year contract with them and they give him some cashback between 1%-2% each time. He laughed at me and made me feel like an idiot when I told him I've been with SC for 10 years and I missed out on 5 rounds of cashback. He just calls his relationship manager and sorts it out.

    I finally did it last year, I needed a solicitor because I had mortgage insurance tied to my mortgage so had to redo the whole lot (even if it was SC to SC). But I managed to get 2.1% back and redraw extra up to 50% of my property value which gave mea lot of extra cash back, and then they gave me an offset account so can dump the money straight into there and payback the mortgage straight away. So another loophole to get even more cashback, I actually got about 4% back with this loophole.
    So you got the 4% by virtue of not claiming the cashback previously? Or can be claimed anyway if I have had the rebate

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