Non-bank lender waives loan set-up costs

by Julia Corderoy25 Feb 2015
Homeloans is waiving all set-up costs on one of its popular home loan products.

Until the end of the financial year, there will be no application fees or valuation fees on properties up to $2 million in value on the Homeloans Optima product. For a limited time, the lender will also cover the cost of the Solicitor Documentation fee ($363).

This announcement follows recent decreases in both fixed and variable rates on the Homeloans Optima product. The Optima loan now has one, two and three year fixed terms available at 4.43% (comparison rate 4.52%), and jumbo variable interest loans at the same rate. 

The Optima product, launched in May last year, also features include a 100% offset account and upfront valuations.

The non-bank lender has also cut fixed rates on two of its other loan products – the Homeloans Ultra and Homeloans MoniPower products. 

The Homeloans Ultra now offers 3-year fixed rates from 4.34% (comparison rate 4.72%) and the Homeloans MoniPower, which provides a 100% offset facility on fixed rate loans, has 2-year fixed at 4.55% (comparison rate 5.06%).

“We pride ourselves on being nimble and being able to continue to provide innovative solutions and a competitive range of products for brokers and their customers,” says Ray Hair, Homeloans’ general manager of sales.