Those with mortgages are bank-hopping at record rates, but not necessarily to get lower interest rates. 

More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month. 

It's the highest since records began in 2017. 

Cotality Chief Property Economist Kelvin Davidson says it reflects a mix of factors including short term loans, minimal or no break fees, and cash-back incentives. 

He told Ryan Bridge it’s reasonably common to get 0.7-0.8% of the loan value as a cashback, up to certain caps, so it would make sense for people who are potentially under cashflow stress. 

LISTEN ABOVE 

Those with mortgages are bank-hopping at record rates, but not necessarily to get lower interest rates.&nbsp;
More than 3,500 holders switched nearly two and a half billion dollars of debt between loan providers last month.&nbsp;
It's the highest since records began in 2017.&nbsp;
Cotality Chief Property Economist Kelvin Davidson says it reflects a mix of factors including short term loans, minimal or no break fees, and cash-back incentives.&nbsp;
He told Ryan Bridge it’s reasonably common to get 0.7-0.8% of the loan value as a cashback, up to certain caps, so it would make sense for people who are potentially under cashflow stress.&nbsp;
LISTEN ABOVE&nbsp;

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

Early Edition with Ryan Bridge

Kelvin Davidson: Cotality Chief Property Economist on the rising number of mortgage holders swapping loan providers

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e438c475-6408-4000-94c7-b32901747bb5/transcript