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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

    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.
    Last edited by shri; 15-02-2020 at 10:19 AM.
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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%.

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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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    Quote Originally Posted by SonicYouth1
    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%
    Is this rebate offer for a new loan, or signing a letter saying you agree not to unwind your existing loan for the next 2 years ?

  7. #7

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    Quote Originally Posted by jrkob
    Is this rebate offer for a new loan, or signing a letter saying you agree not to unwind your existing loan for the next 2 years ?
    latter one

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    Quote Originally Posted by SonicYouth1
    latter one
    Thank you. Which bank and do you or @bdw have a sample of such letter to post ?
    (masking, of course, personal details)
    Hard not to be interested.

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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


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