Auswide Bank releases new home loan product

by Madison Utley23 Jun 2020

A non-major bank has released a new product following the events of recent months which have caused many Australians to “re-evaluate what matters”.

Given the widespread financial anxieties introduced alongside the COVID-19 pandemic, Auswide Bank has released a basic home loan which is devoid of “all the bells and whistles” of other products and was instead created to be simple, easy to manage and come with no monthly or ongoing fees.  

From 22 June, owner occupiers can access the “no fuss” loan with its low variable interest rate and free online redraw – for while the bank crafted the product to be straightforward, it was still given certain features to help customers pay off their loan earlier.

Borrowers can make payments weekly, fortnightly, or monthly and there are no penalties for additional or lump sum repayments.

As Auswide is a participating lender under the First Home Loan Deposit Scheme (FHLDS), the product will also be made available for scheme applicants up to 95% LVR when the next round of placements opens on 1 July.

Earlier this year, Auswide Bank was named one of the country’s Best Package Home Loan providers in the Mozo Experts Choice Awards.

“Auswide Bank is proud to continually see recognition of the ‘value for money’ our products offer customers. The recognition and validation these awards represent, validates our focus on the customer, even in these difficult times,” said Auswide’s chief customer officer Damian Hearne at the time.