A non-major bank has announced a new rate discount for high-value home loans.
Direct has launched a new promotional interest rate of 4.63% for residential loans of $1 million or more.
The promotion is a part of several recent changes made at ING
Direct. Mark Woolnough, the lender's head of third-party distribution, said the bank wants to prove that non-majors can be competitive.
“Brokers often have the misconception that we only offer basic loans to a specific target audience, but that’s not the case,” Woolnough said.
The promotional interest will apply for Orange Advantage loan applications unconditionally approved by 30 September 2014, with an LVR up to and including 80%, and any owner occupied component must be principal and interest.
“Almost all of these changes are in direct response to feedback from our third party partners which is valuable in enhancing the products and services we offer through our brokers,” Woolnough said.