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Another lender cuts fixed rates

by Staff Reporter9 minute read
The Adviser

Homeloans has become the fourth lender in a week to cut its fixed rates after announcing a cut of 18 basis points.

The non-bank announced on Friday that it had reduced its MoniPower two-year fixed rate from 5.04 per cent to 4.86 per cent.

It also reduced its MoniPower three-year fixed rate from 5.04 per cent to 4.86 per cent.

Commonwealth Bank lowered its five-year fixed rate to 4.99 per cent last week, with NAB and Westpac then matching the rate.

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Homeloans chief executive Scott McWilliam said that while the big four banks have been “slashing fixed interest rates to wrest market share from each other”, Homeloans was focused on providing a more complete offering for brokers and borrowers.

Mr McWilliam said MoniPower combined “historically low rates” with flexibility.

“In addition to the market-leading low rates, this fully transactional mortgage product has a number of features that the majors either don’t offer or rarely offer for fixed-rate loans,” he said.

“These include 100 per cent offset account, the ability to make additional repayments of up to $20,000 per annum, and no monthly or annual fees.”

Homeloans also offers fixed-rate construction loans, which can be packaged with a variable rate product, according to Mr McWilliam.

[Related: Homeloans recruits two more BDMs]

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