Adam Clark

You arrange a loan in New Zealand, you're like, oh, I've got you five grand in cash.

And they're like, what?

What's the cash?

What do you mean?

And it's such an odd thing.

But yeah, in New Zealand, we give you some cash basically for arranging a mortgage.

It's the bank's way of going, hey, look, thanks so much.

Here's a contribution towards the cost of borrowing, legal fees, moving house, et cetera.

So

At the moment, the kind of quote unquote norm is about 0.9.

So if you borrow $500,000, you'll get four and a half grand in cash.

Now that is available pretty much across the board, new to bank customers, regardless of what you're doing.

So you're getting your first home loan,

As long as it meets particular criteria, five grand in cash, thank you very much.

The only condition on that money is you stay with that bank for either three or four years.

So literally, it is free money, right?

And it's a really interesting conversation around refinancing.

So refinancing and refixing, people often mix the two up.

Yeah, so refixing is simply locking in the next interest rate with your current bank.

So you go from one interest rate to the next, that's your refix rollover, as you might say.