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New home loan product could save borrowers $3,000 per year

Staff Reporter 4 minute read

One non-bank lender has unveiled a 4.69 per cent home loan that comes with free financial planning and insurance discounts.

Firstmac’s VIP Package offers variable interest rates starting at 4.69 per cent and 10 basis points off standard fixed rates.

It also offers a 10 per cent per annum discount on home and contents and lifestyle insurance, 10 basis points bonus interest on term deposits and a free financial plan worth $750.

The VIP Package also comes with a free Visa debit card, while the $295 annual fee is waived for the first year.

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Managing director Kim Cannon said Firstmac wanted to better all the premium loan packages that were already on the market.

“The VIP Package offers a better deal for customers and a great bundle that brokers can feel happy to recommend to their clients,” he said.

“On a $350,000 loan with a loan-to-value ratio of 80 per cent, VIP Package customers will be approximately $3,000 a year better off than if they were with one of the big banks.”

Mr Cannon said a premium package gives customers greater flexibility in managing their home loan.

“Firstmac is an agile lender and we are pleased to be able to deliver an extra layer of options so customers can tailor their loan package to best suit their needs,” he said.

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“Customers’ home loan requirements are as individual as the homes they choose and our VIP Package reflects that.”

New home loan product could save borrowers $3,000 per year
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