Determined to position itself as an alternative to the majors, one mortgage originator has launched a new basic product that boasts an optional line of credit and a high LVR.
Better Mortgage Management yesterday launched the Credit Gold mortgage with an interest rate of just 6.88 per cent.
“Unlike other ‘basic’ home loans which deliver low rates at the expense of some features, our Credit Gold product offers vacant land and construction facilities and much more,” BMM managing director Murray Cowan said.
In addition to its new product, Mr Cowan said the mortgage manager had also reduced the rates on its Low Doc range of products.
“We did this to highlight the fact that we are a true alternative to the majors,” he said.
“Low interest rates are one thing, but when you add to the mix the higher level of personal service both mortgage brokers and their clients receive from many non-bank lenders when compared to the major lenders it does provide a compelling alternative.
“Mortgage brokers in particular benefit in our case as they are dealing with a mortgage manager which delivers services designed specifically for mortgage brokers including online loan tracking with email and SMS updates, online product search tools with flexible commission options.”
Broker commission of 0.60 per cent upfront and trail of 0.10 per cent is included in the rate of the new product.