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Home Loan Rebates Getting a is probably the biggest financial loan in person's lifetime so when the word 'rebate' is mentioned we tend to want to know more. A rebate means you get money back from some source or other. Is it really possible to get a rebate on your home loan?
Yes; when you get your through a broker, he is paid a fee by the lender and will often give you up to 90% of his initial commission as a rebate. How can the broker afford to do this? He also gets a trailing commission from the lender. In some cases the broker's trailing commission is also rebated to your mortgage, in others it is just the initial commission
So if you borrow $500,000 you
may get a rebate of over $1,000 to plough back into your mortgage and reduce the amount of interest you have to pay.
Are there any other rebates to get? Some institutions that care about water conservation offer $500 cash back on your loan if you use water saving devices in it. Others are offering a fuel rebate of 10c a litre up to 60 litres subject to certain qualifying criteria. Every little bit helps.
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