New bank campaign includes free upfront vals

by Mackenzie McCarty10 Jul 2012

A challenger bank brand will now offer a first-year variable rate discount across its suite of mortgage products, as well as a limited period of free upfront valuations.

Macquarie Bank said in an announcement today that its variable rate will be discounted to 5.85% for the first 12 months of all Classic, Premium and Line of Credit loans.

The SVR discount will apply to all eligible applications settled on or before 28 September 2012.

In addition, the bank said it will offer free upfront valuations until 31 August this year, waiving the usual $50 fee.

Macquarie Adviser Services head of broker sales Doug Lee said the offer would provide brokers and clients with choice.

“We firmly believe that choice is the key to a healthy market for borrowers, brokers and originators, and this new rate offer is all about choice, providing a compelling and very competitive pricing option,” he said.

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COMMENTS

  • by Martin Vidakovic - Managing Director Mortgage 500 10/07/2012 10:33:50 AM

    Fantastic incentive....new servicing calculator excellent as well....some really good iniatives. Thanks for taking the lead. We need more innovative concepts in the market like this

  • by Country Broker 10/07/2012 11:24:35 AM

    I still am sceptical about using them

  • by Positive Broker 11/07/2012 12:17:25 PM

    Not really taking the lead. Other lenders have better rates for life of loan and provide free upfront valuations as a matter of course