Non-bank announces more rate cuts

by Julia Corderoy03 Nov 2014
A non-bank has announced more interest rate cuts on the heels of slashing the variable rate on two if its products last week.

Homeloans has trimmed rates on the 1-5 year fixed rates for its Homeloans Optima products. The one, three, four and five-year fixed rates have dropped 10 bps to 4.68%, 4.88%, 5.18% and 5.28%, respectively. The two-year fixed rate has been cut 5 bps to 4.78%. 

In addition to the low rates on offer, the Homeloans Optima loans also come with a free upfront valuation (up to $2 million), and family pledge is available. Optima products are also available up to 95% LVR inclusive of LMI for both owner occupied and investment purchases. 

Homeloans also recently launched a special Medico Policy on the Optima product, which allows up to 90% LVR with no LMI for selected medical professionals.

“We’ve organised many mortgage solutions for doctors and other health professionals and understand that they often have unique circumstances, which is why we introduced this policy,” Ray Hair, Homeloans’ general manager of sales said.

“We anticipate strong demand for this niche product. It’s further evidence of our commitment to develop new products and features to satisfy different credit situations. And while we have a comprehensive product range catering to many scenarios, they are all covered by the one application form.”