Homeloans Ltd has become the first lender outside of the big four banks to stay in line with the Reserve Bank and raise its variable mortgage rate by just 25 basis points.
The mortgage manager’s third party distribution general manager Tony Carn said the company was committed to providing a viable and competitive alternative to the major banks.
In a bid to consolidate its position as a true competitor in the mortgage lending sphere, Mr Carn said the company would also offer a range of enhanced features on its suite of products.
“Homeloans Ltd will now offer a range of features including a no cash out limit under 75 per cent; no mandatory LMI for loans under 80 per cent (and 60 per cent for Lo Doc); no genuine savings required up to 85 per cent and only 5 per cent savings required over 3 months,” Mr Carn said.
To complement its new competitive position in the market, Homeloans Ltd has also launched a new advertising campaign to raise its profile in the broker channel.
Mr Carn said Homeloans Ltd was pulling out all stops in order to claw back some market share.
“Recent independent market research showing that around 70 per cent of consumers would openly look at alternative lenders when seeking a home loan. As such, we welcome the opportunity and the challenge to deliver a real competitive lending alternative,” he said.
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