One of Australia’s second tier lenders plans to extend its Reduced Equity Fee (REF) offering, supporting its drive to win business in the high LVR segment.
REF essentially removes the need for LMI on some ING DIRECT products, potentially reducing the cost for borrowers.
Following its decision to increase the maximum LVR for LMI deals to 95 per cent, ING DIRECT has also decided to extend its REF offering to 95 per cent LVR.
“Our REF is a key differentiator in the mortgage market. Customers that meet REF criteria do not require LMI, potentially saving them money on mortgage insurance,” ING DIRECT executive director of mortgages Lisa Claes said.
“By extending the availability of REF up to 95 per cent LVR, brokers can offer this product to more of their customers.”
ING DIRECT is not the first lender to change its product suite in a bid to boost market share. Yesterday, Bankwest launched a new heavily discounted standard variable mortgage.
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