Franchise brokerage cuts white label variable rates

by Julia Corderoy18 Sep 2014
​A franchise brokerage has slashed its variable interest rates to what it says are historic lows. 

Aussie Home Loans has announced cuts to its Aussie Select Basic Variable Rate on a range of loan products. For loans less than $500,000 with an LVR of 80%, the rate has been dropped to 4.79% (comparison rate 4.80%). For loans between $500,000 to $1 million with an LVR of 80%, the rate has been discounted to 4.69% (comparison rate 4.70%).  

Earlier this month, Aussie announced variable rate cuts on loans of more than $1 million to 4.64% (comparison rate 4.65%). 

Aussie executive chairman John Symond also announced that the new rates include a free online redraw facility and no ongoing fees, providing even bigger competition for the big banks.

“As we have done over the last 22 years, Aussie is continuing to challenge the major lenders with our very competitive rates. Our new rates are the lowest Aussie Select Basic Variable rates we have ever offered and they beat the lowest advertised variable rates offered by the big banks. They are available to all approved borrowers including first home buyers, next home buyers, refinancers and investors,” he said.

The discounted rates are available for approved applicants from Wednesday 17 September.