Bank of Queensland has revamped its Economy Variable Home Loan in time for the Spring buying season to provide customers with a low interest, no frills product.
BOQ General Manager of Third Party Distribution, Adrienne Smith said the product had already proved popular with broker partners and their clients, with Economy accounting for more than one-quarter of BOQ variable home loan applications since its re-launch in early September.
Mrs Smith said the product provides brokers with a competitive variable rate for clients looking to save on their loan and spend more on their home.
“BOQ’s Economy Variable Home Loan is perfect for home buyers who want to save money on their repayments simply by choosing a loan with fewer bells and whistles,” she said.
“We have re-priced the product to provide our broker partners with an extremely competitive interest rate. Additionally we have reduced the application fee to $300, the LVR is 80 per cent for both owner occupied and investor loans, and we are also offering customers one free valuation per Economy loan.
“While some no frills products on the market have no redraw or extra repayment options, BOQ’s Economy Variable Home Loan has free redraw, a choice of repayment options and unlimited additional repayments so our customers can pay off their home loans sooner.”
Mrs Smith said the revamped offering, combined with BOQ’s full featured Clear Path Home Loan product and a number of market leading fixed rates, would give brokers and their clients a choice of competitively priced loans with features to suit their needs.
She said while BOQ has worked to ensure it provides brokers with a range of competitive products and pricing, the Group also recognises that its service offering is just as important.
“We know our turnaround times weren’t where they should have been earlier in the year. We have listened to the valuable feedback from our broker partners and continue to work on our back office systems and processes.
“During the year we made good progress on the next stage of our retail loan origination platform and rolled out a new commercial lending platform. Both systems will automate previous manual, paper-based processes and deliver a faster time to ‘Yes’.”
With these improvements Bank of Queensland aims to showcase customer service and relationships at the heart of everything they do and offer customers a genuine alternative to the majors.