Non-bank 'throws down the gauntlet' with variable rate product at 4.77%

by 11 Sep 2013

Allstate has announced the launch of a ‘spring special loan’, offering a rate of 4.77%p.a. variable (comparison rate 5.19%), effective immediately.

The non-bank lender’s national sales manager, Greg Strachan, says Allstate’s funders are pleased to be able to pass savings onto borrowers as the market continues to improve.

“We believe this rate is 20pts lower than any discounted rate being offered by the four major banks. That, coupled with our excellent service certainly makes it a winner for both brokers and their customers,” says Strachan.

“It is also proof that the non-banks are now throwing down the gauntlet to the majors to win back their lost market share.”

The new product available for loans up to 80% LVR, owner occupied or investment of $150,000 or more.


  • by Hammer 11/09/2013 9:54:47 AM

    Great, another sub 80% discount. Why dont you offer something thats a little more in line with the current market and make it availableto 80%+ loans. Really its only the credit unions that offer this.

  • by Louis 11/09/2013 10:17:30 AM

    Agree that the rate is lower than the majors but on the comparison rate, the majors can offer better deals.

  • by David Ware 11/09/2013 11:30:36 AM

    Need to check the clawback here, another broker told me it's 3 years which is a long time compared to the majors