More rate cuts: non-bank slashes variable rates

by Julia Corderoy30 Oct 2014
A non-bank lender has trimmed variable interest rates on two of its most popular home loan products.

Homeloans had shaved the variable rate on its Homeloans Ultra product by 0.10%. This applies to both low doc and full doc loans up to 80% LVR which are over $200,000. 

These changes have seen Ultra home loans of $200,000 or more slashed to 4.99%, while Ultra home loans of $500,000 or more now have a rate of 4.89%.

Ultra Plus loans of $200,000 or more have dropped to 4.74%, while Ultra Plus loans of $500,000 or more are as low as 4.64%.

“We’re continuously monitoring the market in addition to broker and customer feedback, which regularly results in rate cuts such as these,” Ray Hair, Homeloans’ general manager sales said.

The variable rate for the Homeloans MoniPower 70 loan has been cut by 0.20% for full doc loans up to 70% LVR. The new rate is set at 5.19% (comparison rate 5.21%). 

Hair says that this announcement further demonstrates Homeloans’ commitment to provide a comprehensive, competitive suite of loans designed to benefit brokers and their clients.

“At Homeloans we have a wide range of solutions designed to suit a wide range of credit scenarios. Not only that, but there’s just one application form to help simplify the process for brokers.”

This has come on the heels of Adelaide Bank and Australian First Mortgage also announcing variable rate cuts this week.

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