In a bid to nab greater market share, non-bank lender intouch Finance has broadened its suite of products to include a new personal loan.
Yesterday the non-bank lender launched the new loan which boasts a honeymoon facility.
intouch chief executive Paul Ryan said the lender developed the product on the back of broker and borrower demand.
“We wanted to come up with a flexible product and the 90 day honeymoon rate where consumers don’t have to make any repayments for the first 90 days has been well received,” he said.
The intouch personal loan allows consumers to borrow funds for a whole range of purposes including the ability for home buyers to furnish their new homes.
“Borrowers are doing as much as they can to save the deposit on a new house and because it is such a challenge they can find themselves short of being able to buy new furniture. The intouch personal loan not only allows them to buy the furniture but we also provide some breathing space for three months before they have to make a repayment.”
The product also comes with a redraw facility allowing the borrowers to repay some of the principal and still have access to those funds through the redraw like they do in a standard home loan.