Bank introduces product in "turbulent times"

by Rebecca Pike20 Feb 2019

A non-major bank has introduced a new product, as it attempts to confirm its support of mortgage brokers.

Bank of Sydney has announced its Basic Loan for owner occupiers, with a rate of 3.55% per annum variable rate with a loan to value ratio of up to 80%. The BOSBasic loan offers a fee free redraw facility and is available for purchases or “dollar for dollar” refinances.

The bank’s head of third party distribution Steve Sampson said, “In these turbulent times we hope to bring some joy to the market with our new proposition.

“We hope that this new product confirms our support of the broker market and we are expecting a big uptake.”

Bank of Sydney will also soon be releasing a similar Basic Investment Property Loan.

Last year, the bank celebrated continued growth as it saw above-market loan growth and deposit growth.

The group created the role of chief customer officer, welcoming Chrystalla Vougamalis to the role and creating a more “streamlined and customer-friendly Bank of Sydney”.

In an end of year letter, Bank of Sydney’s CEO Miltos Michaelas said, “As I’m sure you know, the banking market is changing fast.

“Fintechs and challenger banks are scouting for positions amongst traditional players, so we truly do appreciate you banking with us. We will continue to work hard in 2019 to expand our capabilities and take advantage of every opportunity to provide you with a better experience.”