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Bank launches discounted offering

by Staff Reporter7 minute read
The Adviser

Staff Reporter

Competition between Australia’s banks continues to heat up, with one lender offering its borrowers a substantial first year discount.

Effective from today, Macquarie Bank will offer a first year discount on its Classic, Premium and Line of Credit loan categories –taking its variable rate to 5.85 per cent.

The discount off the standard variable rate will apply during the first 12 months of the loan and is applicable on all eligible applications settled on or before 28 September 2012.

Macquarie Adviser Services head of broker sales Doug Lee said the business was committed to ensuring a compelling offering for brokers and their clients.

“We firmly believe that choice is the key to a healthy market for borrowers, brokers and originators, and this new rate offer is all about choice, providing a compelling and very competitive pricing option,” Mr Lee said.

In addition to its first year discounts, Macquarie is currently offering free upfront valuations through its Online Valuation Ordering platform within Macquarie Access until 31 August 2012.

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