Staff Reporter
Yellow Brick Road’s executive chairman Mark Bouris has told the majors to watch their backs as non-bank lenders continue to aggressively compete for market share.
Mr Bouris’ comments come on the back of CBA’s announcement yesterday that it will beat any mortgage rate offered by ANZ, NAB and Westpac over the next month.
“CBA’s real competition lies with Yellow Brick Road and other non-bank lenders,” he said.
“Even with CBA’s rate drop from last week, Yellow Brick Road still offers a better rate for consumers. Australians need to know that there are options outside the big banks and with competition continuing to heat up, there’s no better time to look for a better deal. ”
Yellow Brick Road currently offers a standard variable rate of 7.34 per cent and a basic variable rate of 6.98 per cent.
According to Canstar Cannex, CBA’s rates currently sit at 7.81 per cent for standard variable and 7.11 per cent for basic variable.
“What consumers need more than anything is good advice and information to make a well informed decision,” Mr Bouris said.
“The big banks are creating headlines with their promotional rates, but they still don’t offer the best deals out there. The volatility in the market is fertile ground for competition for both fixed and variable rates, so consumers need to know what’s out there and not be easily enticed by short-term discounts.”
