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Homeloans reduces variable rates to 4.64pc

by Staff Reporter10 minute read

Homeloans said it has responded to broker feedback by unveiling another round of rate cuts.

The non-bank lender has unveiled a cut of 10 basis points for its Ultra Plus 80 and Ultra 80 range and a cut of 20 basis points for its MoniPower 70 product.

Ultra Plus 80 loans between $200,000 and $500,000 are now priced at 4.74 per cent, while loans above $500,000 are now priced at 4.64 per cent.

Ultra loans between $200,000 and $500,000 have fallen to 4.99 per cent and loans above $500,000 have fallen to 4.88 per cent.

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All those discounts apply to full-doc and low-doc loans with a maximum LVR of 80 per cent.

Homeloans has also reduced its MoniPower 70 product to 5.19 per cent.

This applies to full-doc term loans with a maximum LVR of 70 per cent.

The latest interest rate cuts follow on from similar moves in August, July, May, April and March.

Homeloans' general manager of sales, Ray Hair, said the latest cuts show the lender's commitment to provide a competitive suite of loans to benefit brokers and their clients.

"We're continuously monitoring the market in addition to broker and customer feedback, which regularly results in rate cuts such as these," he said.

"And for those seeking loans with 80–90 per cent LVR, we have the Homeloans Classic product, which already has a low 4.84 per cent interest rate plus no ongoing fees.

"At Homeloans we have a wide range of solutions designed to suit a wide range of credit scenarios. Not only that, but there's just one application form to help simplify the process for brokers."

[Related: Ray Hair joins Homeloans]

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