BoM ups ante with LMI refund pitch

by Adam Smith16 Feb 2012

Bank of Melbourne has announced an LMI refund offer it says will help woo brokers.

The bank has announced an offer to refund LMI for loans with LVRs up to 85%. The bank will also offer discounts up to 1% per annum for the life of the loan off its Advantage Package for amounts over $500,000.

General manager of mortgage broking Clive Kirkpatrick said the offer should prove attractive to brokers.

"Bank of Melbourne is committed to building closer relationships with mortgage brokers and providing them with attractive offers. They are an extremely important part of growing our business, and we need to offer competitive products and great service to help ensure that they grow their businesses as well," Kirkpatrick said.

The bank also announced yesterday it would lift its standard variable rate by 10bps. However, it has continued its price matching promotion, vowing to match the advertised rates of the majors across fixed and standard variable rate home loans.

Related stories:

More second tiers ratchet up rates

BoM to offer mortgage discounts


  • by Coast Broker 17/02/2012 11:00:37 AM

    Well this is realy St George or should I say Westpac. So are we going to see this same offer in other states. If they were serious about Brokers they would do it Australia wide.