Lender

Homeloans launches product to 'take on banks'

By Staff Reporter•Friday, 20 Mar 2009•3 minute read

Homeloans Ltd has announced the launch of a new product – The Homeloans All in One – which it claims is a true alternative for brokers to the big banks.

Available as of Monday March 23 the All in One offers borrowers a variable rate of 5.29 per cent, a fully transactional account and nil interest visa account amongst other features.

According to Homeloans LTD traditional non-bank deferred establishment fees will not apply. Instead there will be a "tiered dollar amount" rather than the percentage of the loan amount. Clawbacks will also apply.

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Brokers can expect a commission structure of 0.65 per cent upfront with 0.15 per cent trail, increasing to 0.20 per cent in year three.

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Homeloans launches product to 'take on banks'

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