Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Rate move opens door for smaller lenders

Staff Reporter 4 minute read

Jessica Darnbrough

With all four majors moving out of cycle with the Reserve Bank, opportunities to snatch market share are opening up for Australia’s smaller lenders.

On Friday, both Yellow Brick Road and LJ Hooker Home Loans confirmed once again that they would not be raising their standard variable rate until at least February 2011 – regardless of what the RBA and other banks do.

Last week, ANZ, NAB and Westpac all showed their hand – lifting standard variable rates by 39, 43 and 35 basis points respectively.

Advertisement
Advertisement

Meanwhile, Yellow Brick Road not only decided to keep its standard variable rate on hold, the lender has also announced its plans to remove the exit fees from its standard variable home loan products as of 1 December 2010.

“In the last two weeks, we’ve seen millions of dollars taken out of the hands of every day home loan customers and transferred to the already $20 billion plus bank profits that already exists,” the lender’s executive chairman Mark Bouris said.

“At Yellow Brick Road we’re taking a stance. We believe it’s time for consumers to do the same, to vote with their feet and switch and save. At what stage is enough, enough?”

The lender is also in the throes of expanding its retail branch network nationwide – recently opening its 40th store.

PROMOTED CONTENT


Rate move opens door for smaller lenders
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
uptick graph Non-majors and non-banks continue to dominate: Broker Pulse

A greater proportion of brokers are sending their clients to non-...

construction equipment ta Demand for excavators up 191% YOY: CBA

The major bank’s data has revealed a jump in asset finance grow...

mortgage money house Hot Property: The biggest property headlines from the week 7-11 June

The weekly round-up of the biggest news stories from across Momen...