Non-bank lender cuts interest rates

by AB15 May 2014
Homeloans has shaved interest rates on three of its key products in a move the non-bank lender said reinforces its focus on providing competitive loans which benefit brokers and borrowers.
Homeloans’ flagship Ultra Plus two-year fixed rate loan has been cut by five basis points to 4.84% per annum (comparison rate 5.17% per annum), and the Homeloans MoniPower three-year fixed loan has been shaved by 10 basis points to 5.19% per annum (comparison rate 5.36% per annum).
The variable rate for the Homeloans ProSmart loan has also been cut, by five basis points, to 5.38% per annum (comparison rate 5.40% per annum).  The company recommends this product for first home buyers or others who have only 5% genuine savings.
It is available to 95% plus capitalised LMI (maximum 97%) on owner occupied purchases and construction, and to 95% including LMI for investment purchases and construction.
Greg Mitchell, Homeloans general manager of sales, said the out-of-cycle rate cuts highlight their commitment to brokers and clients.
“And we don’t rest on our laurels – we continuously monitor our offering, the market and the feedback of brokers and customers to develop innovative solutions designed to benefit both.”
The lender launched a new product, Homeloans Optima, last week.