Listed mortgage manager Homeloans Ltd has boosted its appeal with borrowers and brokers by increasing its variable interest rate in line with the RBA's 0.25% move.
New variable rates on its Premium products will kick in tomorrow (8 December), starting at 5.84%.
ANZ's standard variable rate sits at 6.66%, the CBA's at 6.61% and Westpac's at 6.76%.
At the same time, the lender aims to complement its new competitive position in the market via a campaign to raise its profile through communications to brokers and advertisements to increase brand awareness directly with consumers.
The advertising will run with the slogan "We're telling you nothing" (in relation to its zero application fee) and will be distributed via the internet (including realestate.com and domain.com) and national print media.
"This follows recent independent market research showing that around 70% of consumers would openly look at alternative lenders when seeking a home loan," said Tony Carn, general manager, third party distribution at Home loans Ltd.
Homeloans has a no clawback policy for brokers on its premium products.
Related stories:
Full doc sales soar at Homeloans Ltd - Non-bank lender Homeloans Ltd has seen sales of full-doc products soar from 51% to 90% of overall lending in the last financial year following "re-engineering" of its product suite
Latest Comments
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comment(s)
Broker on
07 Dec 2009 03:03 PM
Perhaps the majors could find out where Homeloans Limited source their funds from!!
We as brokers MUST support these guys
Not Happy Jan on
07 Dec 2009 06:23 PM
Pity RESIMAC decided to be a sheep just like a few majors.
RESIMAC Just raised its rate by: .35%
Funding Costs my backside.
RESIMAC wonders why it has a bad reputation.
mart on
08 Dec 2009 10:35 AM
hey broker the funding is from via nab via challenger where have you been??