Non-bank moves below RBA cut

by BN10 Nov 2011

A non-bank lender has undercut the RBA's rate move, lowering rates on its products by up to 40bps.

Homeloans has announced it will cut rates on its MoniPower product by 40bps, while lowering rates on its Ultra Plus and ProSmart products by 35bps. The change will bring the rate on the company's Ultra Plus product to 6.54%, while its MoniPower loan will drop to 6.84%.

Homeloans general manager of sales Greg Mitchell urged brokers to consider the company's products as a "first choice alternative" to major lenders.

"These new low rates give mortgage professionals even more reason to offer Homeloans products as the best solution for their clients' needs," Mitchell said.

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