Mortgage and wealth franchise Yellow Brick Road (YBR) is challenging big bank complacency with a new offering targeting the forgotten existing borrowers of the four major banks.
YBR has announced its new comparison rate of 4.07% to target disaffected NAB
, Westpac and ANZ
customers who are losing out on the sharp interest rate offers to new home loan customers.
YBR executive chairman Mark Bouris
says this follows on from the franchise’s major marketing push last year – including the new season of Celebrity Apprentice – which delivered record settlements.
“We’re in the fortunate position of being a nimble, young company that can react quickly to market opportunities. Last year we capitalised on the low rate environment that saw a rush of borrowers entering the market,” Bouris said.
“We’ve now identified another opportunity to take further market share from the banks and starting Sunday 14 February we will launch our latest offering: a direct challenge to the big four banks with one of the sharpest rates available today.”
YBR will again be leveraging its relationship with key shareholder Nine Entertainment which Bouris says means the company can market in an impactful and highly efficient way.
YBR recently announced a record month in settlements (51% increase) and achieved the company’s highest ever share of the Australian home loan market (4.55%) largely on the back of their 2015 marketing campaign.
“In a flat market the game is to refinance the books of other entities and we’re finding that much of the business we’re sourcing is coming from the big four,” Bouris said.
“They [banks] may be big but they’re not invincible. In this environment, as Kerry Packer once famously said, ‘no one is safe’.”