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.
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BoM to offer mortgage discounts