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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.


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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