No doubt that the cash backs you get from the bank can be very appealing. Be aware, they often hide other expensive conditions.
Disclaimer: In this section, the content has been supplied by Mark Kirkham, MD & CEO of Lifestyle Brokers Limitedand Ross Bendix, Executive Director of Fuel Investments Hong Kong. This article is for general guidance only and does not constitute legal advice.
Truth behind cash backs and incentives
Another thing to be mindful of with Hong Kong banks are attractive cash backs and incentives at outset which will most certainly mean that the loan will be subject to early redemption penalties. These penalties make it difficult and expensive for clients to redeem their loans within a one to three year period.
If it looks too good to be true it almost always is, therefore be prepared to pay back these incentives or more if another better “on paper” deal comes along.
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