New non-bank product bucks trend

By Andrea Lavigne | 24 Apr 2009

Yet another non-bank has taken the fight to the majors.

With mortgage exit fees a hot topic at the moment, non-bank lender Collins Securities has launched a product with no deferred establishment fee or early repayment fees.

The new product, which has a 95% LVR with 5% non genuine savings, stands in contrast to recent moves by major lenders to reduce LVRs.

The lender said is has also streamlined its approval process and offers same-day conditional approval with fast-track settlements within five days of approval.

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Commented by: DD at 24 Apr 2009 12:16 PM
Any news on commissions or clawbacks?

Commented by: broker at 24 Apr 2009 01:13 PM
Good for perpetuating defaults mortgage in the future. All around the world the blame is put on high LVR and here we have an institution 'sucking" on desperates who need to realize the "Aussie Dream". Boh!

Commented by: James at 27 Apr 2009 09:41 AM
To broker thats a brutal commentary you made - brutal.

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