Homeloans has announced it will drop the rates and get-in costs for two of its variable rate products.
The non-bank lender’s MoniPower full-doc variable loan rate has been cut by 0.15 per cent per annum to 4.69 per cent, with a comparison rate of 4.72 per cent.
The variable rate for Homeloans’ Classic product has also been reduced for loans with an LVR of less than 80 per cent – down 0.05 per cent to 4.49 per cent, and with a comparison rate of 4.53 per cent.
In addition to the rate cuts, Homeloans has said it will cover the cost of one standard valuation of up to $300 at conditional approval for both its MoniPower and Classic products.
Ray Hair, Homeloans’ general manager of sales, said the lender regularly responds to broker feedback by making its products more attractive.
“It’s important to provide features which benefit both our brokers and their customers,” Mr Hair said.
“We have not been shy in letting the market know of our commitment to the third-party mortgage market and its opportunities for growth.
“A crucial component of that is providing them with products which address different customer segments and their needs.”
[Related: Homeloans ups commissions, cuts rates]
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