Powered by MOMENTUM MEDIA
the adviser logo
Borrower

Mortgage manager announces new product suite

by Hannah Dowling10 minute read
new product suite

Better Mortgage Management has announced a new suite of products under the title Optimal, with rates starting from 3.34 per cent.

According to the mortgage management company, the new suite of Optimal products are suitable for the purchasing, refinancing or construction of owner-occupied or investment properties, with debt consolidation, cash out, relocation and non-genuine savings options.

The Optimal Basic product is available for owner-occupiers and investors with a loan-to-value ratio (LVR) of up to 80 per cent.

Variable rates for the basic product start at 3.34 per cent for owner-occupiers paying principal and interest (P&I), 3.59 per cent for investors making P&I repayments, and 3.94 per cent for investment interest-only (IO) loans.

==
==

Optimal Platinum (full doc) variable rates start from 3.44 per cent for owner-occupiers with an LVR of up to 95 per cent, whereas alt doc rates begin at 4.39 per cent.

Optimal Gold (full doc) variable rates for owner-occupier P&I loans start at 3.94 per cent of up to 80 per cent LVR, and alt doc rates from 4.89 per cent. Investor rates start from 4.34 per cent full doc and 5.29 per cent alt doc.

The Optimal Silver products begin at 4.09 per cent for owner-occupiers up to 80 per cent LVR and 5.04 per cent for alt doc owner-occupiers.

Optimal fixed rates for owner-occupied P&I loans are as follows:

  • 1 year fixed rate - 3.55 per cent with Optimal Basic and LVR up to 80 per cent, 3.65 per cent with Optimal Platinum and LVR up to 95 per cent
  • 2 year fixed rate - 3.48 per cent with Optimal Basic and LVR up to 80 per cent, 3.58 per cent with Optimal Platinum and LVR up to 95 per cent
  • 3 year fixed rate - 3.48 per cent with Optimal Basic and LVR up to 80 per cent, 3.58 per cent with Optimal Platinum and LVR up to 95 per cent
  • 5 year fixed rate - 3.53 per cent with Optimal Basic and LVR up to 80 per cent, 3.63 per cent with Optimal Platinum and LVR up to 95 per cent

Investment fixed rates are as above plus 0.10 per cent for P&I loans and plus 0.35 per cent for IO loans.

The broker commission split on the Optimal product range is 0.60 per cent upfront with 0.15 per cent trail.

[Related: Non-bank eyes prime space in new mortgage market push]

desk workpapers ta

Hannah Dowling

AUTHOR

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: [email protected]

 

magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more