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Non-bank slashes rates

by Staff Reporter8 minute read
The Adviser

Staff Reporter

Non-bank lender Mortgage EZY has slashed up to 40 basis points from some of its selected products.

Yesterday, the lender announced it would cut 15 basis points from its uQUIT Variable Full doc loan, taking the new interest rate to just 6.74 per cent.

In addition, Mortgage Ezy slashed a massive 40 basis points from its ‘start rate’ for a standard variable low doc home loan to be 6.99 per cent.

The company’s chief executive officer Garry Driscoll said the cuts clearly showed non-bank lenders remained very competitive in mortgage lending, particularly in the self-employed space.

"The rate reductions are not time limited specials and include a standard upfront commission,” Mr Driscoll said.

“The argument that competition will be impacted from 1 July is nonsense, non-bank lenders are here to stay. Of course, competition will be impacted if brokers continue to send business to the big banks. There is no point complaining about getting screwed by the majors and then continuing to support them.”

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