Another lender just joined the Queensland home loan market — OneTwo Home Loans will now provide its services to local refinancers, offering a limited-time $5,000 cashback to celebrate its launch.

OneTwo Home Loans shakes up the lending market by offering a new mortgage product that allows borrowers to earn discounts off their interest rates as they pay their loans down.

The loan product, which starts at a variable rate of 2.59% p.a. (2.49% p.a. comparison rate), automatically provides borrowers rate discounts of up to 0.15% as the balance gets paid.

With its launch in Queensland, eligible borrowers who refinance to OneTwo Home Loans will be able to receive a $5,000 cashback, provided that the loan is at a minimum of $500,000.

The cashback offer is available until 31 July 2022.

Another feature of a OneTwo Home Loan product is its bonus payment match, where it matches dollar-for-dollar any extra repayment made in the first six months, up to $2,500 in total.

OneTwo Home Loans Liz McCarthy said the cashback offer and the lender’s relatively lower rate compared to the other ones in the market present themselves as an opportunity for borrowers to ease financial pressures as inflation surge and interest rates soar.

“Often with lenders, the best rate you ever get is when you first sign on, then over time your rate can creep up — we’re offering a brand-new kind of home loan where our customers are rewarded with automatic rate discounts as they pay down their loan,” she said.

Earlier this year, OneTwo Home Loans rolled out its services in Victoria, New South Wales, and South Australia.

“We’ve had huge interest from Queensland homeowners since we launched earlier in the year.  It’s super exciting to be able to expand into the region and give customers an alternative option to help them save money,” Ms McCarthy said.

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