A non-bank has dropped variable rates to what it says are its lowest ever.
Home Loans has reduced rates on its Select Basic Variable Rate, Standard Variable Rate and Line of Credit loans to 4.84% (comparison rate 4.85%) for loans of less than $500,000 with an LVR of 80% or less. The lender also dropped rates to 4.74% (comparison rate 4.75% for loans of $500,000 to $1m. The company claimed the rates were its lowest carded variable rates ever.
CEO Ian Corfield argued that the rates would challenge major lenders.
“These rates match or beat the lowest advertised variable rates offered by Aussie
’s panel of up to 19 lenders, including the big banks, and they’re available to all borrowers including first home buyers, next home buyers, refinancers and investors," Corfield said.
The company also said for applications approved in July, the rates would include a free online redraw facility, no ongoing fees and a waiver of the $100 settlement fee.