Mortgage originator Collins Securities has launched a 95 per cent LVR product with 5 per cent non genuine savings.
According to Collins the product will help buoy the higher LVR sector as major banks scale back their exposure to this segment of the market.
The new product has no deferred establishment fee (DEF) or early repayment fees – a first for a non-bank lender, Collins said.
In other originator product news, Opportune has claimed it has launched “the lowest interest rate deal for home owners in Australia”.
With a one year fixed rate of 2.99 per cent, Opportune managing director Paul Ryan said the low rate will provide “comfort to borrowers worried about recent increases to fixed rates by the banks”.
The Opportune loan is capped at $750,000 and after 12 months will return to a variable interest rate of 5.62 per cent.
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