Major Banks Cut Cash Rebates to Zero New Mortgages Also Suffered - Real Estate News

Some major banks are reportedly planning to cut mortgage cash rebates to zero. This move will have a significant impact on the property market, particularly for first home buyers.

As new projects are launched one after another, the purchasing power of the market begins to be gradually absorbed. The third phase of the Wong Chuk Hang Station project on the south shore of Hong Kong Island, developed jointly by Cheung Kong and the MTR Corporation, is also affected. This means that more real estate projects may be affected in the future.

Impact on first home buyers

The implementation of this policy will cause considerable trouble to first-time homebuyers. Cash rebates, often a key subsidy when buying a home, will now be slashed to zero, putting them under even greater pressure to buy.

Impact on the real estate market

The implementation of this policy will have a profound impact on the entire real estate market. Many people bought their homes with cash rebates in mind, and the change will make them re-evaluate their plans.

long term effects

The long-term impact of this policy remains to be seen. Some experts believe this could lead to volatility in the real estate market and even affect the stability of the entire economic system.