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.
Lender launches SMSF loan