Non-bank lender slashes fees and ups commission

by Caroline Dann02 Oct 2012

Homeloans Ltd has slashed its ‘get-in’ fees and increased broker commission in an effort to “radically” overhaul its structure and gain a competitive edge, it claims.

Effective immediately, the get-in fees on the Homeloan Ultra, MoniPower and ProSmart loans have been cut by 50%.
It also increased its upfront broker commission to 0.70%, only one week after Australian First Mortgage announced the same hike in its rates.
"It's a tough market at the moment, so we feel it is of utmost importance to reward brokers for supporting us. Our new fee structure also provides a clear benefit to borrowers,” said Greg Mitchell, Homeloans’ general manager sales.