A mutual bank has expanded its product options in response to broker demand.
Teachers Mutual Bank has introduced a construction option for its first home buyer product. The product offers interest only repayments during construction, up to 98% LVR, a 40-year loan term and a 100% offset account.
Teachers Mutual national manager of third party distribution said the product was developed on the back of broker demand.
"Brokers asked for this and we delivered. We have seen an increase in demand for a construction loan for this segment of the market, particularly from brokers," Middleton said.
“The expansion of the My First Home Loan product is an example of our commitment to continually improve our loan offering to best meet the needs of brokers and their customers."