One of the mortgage broking industry’s most recognised brands has today announced a new home loan rate.
Yellow Brick Road (YBR) has reduced its offer into the three per cent zone with its new Rate Smasher Home Loan now at a 3.92 per cent comparison rate.
YBR group executive chairman Mark Bouris said that home loan rates from the major banks stalled in the four per cent range and are now looking to increase.
“Unlike these major banks, with our business model we can send rates down, giving consumers a more competitive offer at a three per cent price point,” Mr Bouris said.
“As the banks shift their focus, we can’t see any other business with a national branch network offering rates below the four per cent mark.
“This competition is great for consumers, who can now take advantage to negotiate a better rate, and call their lender today.”
Mr Bouris said shopping around and comparing rates can save a family tens of thousands of dollars over the life of a loan, but it’s up to the consumer to make the first move.
“Don’t wait for your bank,” he said.
YBR’s Rate Smasher comparison rate of 3.92 per cent is available for a limited time for applications lodged by 30 November.
[Related: Auswide announces rate changes]