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Lender freezes variable rate

Staff Reporter 4 minute read

Jessica Darnbrough

One specialist lender has established itself as a true alternative to the majors with the announcement that it will keep its variable rate on hold regardless of the RBA’s actions.

LJ Hooker yesterday confirmed it would leave its Classic Home Loan on hold at 6.65 per cent until at least February 2011.

Peter Bromley, LJ Hooker Financial Services’ head of finance, told The Adviser that there was no need to raise rates right now. As such, the lender made the decision to offer borrowers a reprieve over the holiday period – a time when household expenditure typically increases with Christmas spending.

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“It eliminates the anxiety and uncertainty around these RBA announcements, which we know our customers would appreciate. At the same time, we’re happy to be offering our customers an alternative option to the big banks,” Mr Bromley said.

“We have a sound distribution network and a competitive offering, which makes us a viable alternative to the majors. I would say to any customer looking for a home loan – put us on your shopping list.”

According to Mr Bromley, the company also has plans to grow and develop its suite of own branded products in the New Year.

LJ Hooker launched its first self-branded product back in July 2010.

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