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Banks offer home loan enticements as property market hots up

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Banks offer home loan enticements as property market hots up

BusinessDate September 22, 2014 – 6:34AM (0) Read later

Business reporter

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National Australia Bank will on Monday start giving borrowers $1000 in an unapologetic marketing tactic.

Banks have started to throw cash at customers again in an effort to win business as spring fever hits the property market and house prices soar.

National Australia Bank will on Monday start giving borrowers $1000 in an unapologetic marketing tactic aimed at increasing its share of Australia’s $1.3 trillion mortgage market without cutting interest rates, which are at historic lows.

It comes as Treasurer Joe Hockey said he was “hesitant” for the government to take action to rein in spiralling property prices, with the median Australian home price surging 11 per cent in the past year. Instead, he said it was up to the Reserve Bank and bank regulator, the Australian Prudential Regulatory Authority, to adopt limits on mortgage lending to cool an overheating property market.

“I am naturally hesitant to have government in any way interfere in the market. But, of course, we are in some challenging times when it comes to monetary policy,” Mr Hockey said. “The Reserve Bank needs to be mindful of some of the domestic challenges, and the quite limited massive growth in real estate prices in parts of Australia. I say that because it’s primarily in pockets of Sydney, pockets of Melbourne and, to a lesser degree, in Brisbane.”

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