by Paul McBeth
Yes, there is a reward for being oversized. It's a new mortgage product called Jumbo and only large borrowers need apply.
Online mortgage broker Mortgagenet has just developed Jumbo for mortgages of $400,000 and more. Instead of offering special deals to encourage borrowers to change camps, it provides a rebate of $100 per year for every $100,000 borrowed.
Director Kieran Trass says that some mortgage providers offer a cashback for new clients or an inflexible points reward system for ongoing business.
"Mortgagenet is the first to introduce an ongoing cash reward system for clients to recognise the value of those clients who have larger than normal mortgages."
Full details of Jumbo will be online on Mortgagenet's website this Friday and it will only be available for mortgages with certain lenders (banks as well as non-banks). Trass says that, as an introductory offer, application fees will be waived until December 20.