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One brokerage is offering its customers discounted home loan rates with the launch of a new product.
CSC Home Loans has announced a partnership with Loan Reducer, an online calculator designed to provide borrowers who have an owner-occupier loan and an investment loan with a lower home loan rate by leveraging the investment interest rate against the lender’s desired total return on funds.
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Using the Loan Reducer licence, CSC Home Loans is offering the product under the name ‘Mortgage Down’, and said the “game-changing” approach will appeal to the sophisticated broker, financial planner and accountant.
“There has been very little innovation in the mortgage lending area for years,” CSC Home Loans chief executive Neil Brett said.
“With current home loan rates at all-time lows, it gives the home owner a further opportunity to pay off their home sooner.”
Venn Williams, group marketing director at CSC Home Loans and Mortgage Down, said the product is a great planning tool for borrowers, and CSC is looking to accredit financial planners and accountants, along with selected brokers, to offer it.
“It allows the finance professional to make a real difference in wealth creation strategies, starting with the client’s own home,” he said.
Mark Ashenden, executive director and founder of Loan Reducer, said the company is very excited about adding CSC Home Loans to its growing distribution network, and expects to announce more partners in the coming weeks.
[Related: Three more banks increase investor rates]
