National mortgage provider Homeloans Ltd has reduced interest rate on its full-doc MoniPower loan by 0.31% ahead of the much anticipated rate hike by the RBA in November.
“It’s widely expected the Reserve Bank will decide to increase interest rates when it meets in November,” Greg Mitchell, Homeloans’ general manager retail. “In addition, pundits are predicting that major banks will soon be lifting rates – over and above any official tightening in interest rates by the RBA – but we’ve bucked the trend and done the opposite. This further demonstrates that Homeloans is continuing to consolidate its position as a competitive alternative to the banks.”
The Homeloans MoniPower loan is a fully-featured loan with 100% offset facility, no monthly or annual fees and very flexible credit criteria. It now sits at a very competitive 6.79%.