Non-bank trims owner-occupied rates

by Julia Corderoy25 Aug 2015
Non-bank lender Homeloans has dropped owner occupied interest rates on one of its prime mortgage products.

Homeloans’ FlexiChoice prime product has been slashed by up to 30 basis points. The reduced rate means the Homeloans FlexiChoice prime loan is available for owner occupier loans from just 4.19% (comparison rate 4.54%).

In addition to the rate drop, Homeloans has announced that it will waive establishment fees on standard loan applications, with legal and settlement fees and the cost of one valuation being covered by the non-bank.

“Across our FlexiChoice Prime, lo doc and specialty product ranges, we continue to provide brokers with flexible and cost-effective solutions to meet client needs,” Ray Hair, Homeloans’ general manager of sales said.

“Our diverse funding base includes balance sheet and non-balance sheet sources, leading to a wide range of product features and lending guidelines. It reinforces our ability to be agile and provide solutions to suit different borrower requirements.”

The FlexiChoice prime product is also available without LMI up to 85%.