Non-bank lender slashes home loan rates

by Mark Rosanes06 Jan 2021

Non-bank lender Better Choice Home Loans has opened the new year with out-of-cycle rate reductions on some of its home loan products.

Allan Savins, executive director at Better Choice, said the rate cuts have been implemented across many of the lender’s prime, alt doc, and specialist portfolios, and cover loan applications submitted starting 1 January.

The reductions range from 0.3% to more than 1%, with the company’s Platinum Prime Variable principal and interest home loan rates slashed by 1.13% to 3.59%.

“Better Choice is delighted to be able to offer these substantial reductions on the interest rates for these home loan products for borrowers who often do not fit the mainstream lending guidelines to obtain finance,” Savins said. “These out-of-cycle rate reductions we are able to offer as we celebrate the start of a new year are an indication of Better Choice’s ongoing commitment to provide value to the broker channel.”

The rate cuts come on the heels of the lender’s recent efforts to speed up and streamline loan application process for its broker network by integrating NextGen.Net’s new compliance technology into its online platform.

“The loan application process is far more digitalised and integrated within the ApplyOnline platform, cutting down on a significant amount of manual paperwork for brokers,” Savins said.  “More improvements will be announced in the coming months, which involve more forms being able to be dynamically prefilled. We want the process to be much simpler for brokers as we look to set a new benchmark for service in the industry.”