Mortgage manager Mortgage Ezy has launched a new 100% variable offset account at a rate of 5.44% - and it’s only available through brokers.
Mortgage Ezy’s head of sales and marketing, Mick Conyngham, says the idea for the product developed as the lender sought ways to help brokers engage with non-major lenders and claims the rate is the lowest he's currently aware of.
“When you consider the banks, they look for business and they feel the only way they can take an opportunity is via price - they do it through special discounts and introductory rates. Our model is not offering some cheap gimmick rate; it’s offering a true standard variable rate.”
The lender’s CEO, Garry Driscoll, says he hopes brokers will take advantage of the product and see it as a way to promote non-majors.
“They [brokers] understand that it was the non-bank lenders like Mortgage Ezy who introduced real competition into the market and that competition needs to return.”
Driscoll says the new product, available from today, is a standard variable with 100% offset, with features including internet banking, Visa Debit Card and no on-going fees. The maximum LVR is 80% with no LMI.