Non-bank lender Homeloans has announced a new rate cut and increased upfront commissions on one of its most sought-after mortgage products.
The new Ultra fixed term home loan, a three-year fixed rate mortgage, will start from 4.09% with a comparison rate of 4.73% for owner-occupier loans.
The commission for this product was also made attractive with a jump by 10bps to 70bps, and shall cover the cost of one standard valuation up to $300 at conditional approval.
“We have been working hard to enhance the appeal across our product suite, highlighted by the multiple rate cuts to date this year,” said general manager for sales, Ray Hair.
“We are delivering on what brokers are telling us is important, including competitive product and remuneration and greater local sales support.”
The previous rate reductions enacted by Homeloans were on its Optima, MoniPower and Classic products.
“The current environment is unprecedented in terms of the low rates and fees, and the Ultra Combo loan (part fixed, part variable) enables borrowers to take advantage of low fixed rates and benefit from any further interest rate reductions,” he added.
“For brokers and their customers, this is a great opportunity to lock in immediate savings whilst retaining some flexibility.”