New Allstate product to challenge banks

Staff Reporter Tuesday, 10 Feb 2009 1 minute read

Further signs that the non-bank sector is gaining ground against the banks continue to emerge with the launch of a low new variable rate loan from Queensland based Allstate Home Loans.

The new Mortgage Eradicator loan, which is available to a cross section of borrowers from first home buyers to investors and has a variable rate of 5.34 per cent will pay brokers 0.50 per cent upfront and 0.25 per cent tail.

According to Allstate general manager Tony Shield the new product was “superior to the banks’ offering and had no aggregation fees”.

Mr Shield said the new product gave brokers and the non-bank industry a chance to “strike back against the banks and once again offer a competitive alternative”.

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