Non-bank makes more cuts to rates and fees

by Maya Breen27 Mar 2015
A non-bank lender continues its run of cuts, dropping rates and fees of two variable rate products.
Homeloans has cut rates of two of its variable rate products – the Homeloans MoniPower and the Homeloans Classic.
The rate for the Homeloans MoniPower full doc loans for new business has dropped by 0.15% per annum, with rates now starting from 4.69% (comparison rate 4.72%).
The Homeloans classic variable rate has been reduced by 0.05%, with rates now starting from 4.49% (comparison rate 4.53%).
“We continue to take into account broker feedback about many of our products and regularly respond to this by making them more attractive,” says Homeloans’ general manager for sales Ray Hair.
Fees have also been cut for the two products, with the lender now covering the cost of one standard valuation up to $300 at conditional approval.
“It’s important to provide features which benefit both our brokers and their customers,” said Hair.
“We have not been shy in letting the market know of our commitment to the third party mortgage market and its opportunities for growth. A crucial component of that is providing them with products which address different customer segments and their needs.”