Australia’s largest online lender loans.com.au is celebrating a record four months of lending by launching a special home loan deal for home buyers.
Loans.com.au and its parent Firstmac this week passed the $9 billion mark in loans under management, an increase of more than $1 billion since June.
Managing Director Marie Mortimer said the exceptional growth in the loan book reflected strong funding support for loans.com.au and an increasing willingness by borrowers to look outside the Big 4 banks.
“It took us six years to build our loan book to $4 billion and just a few months for the group to add the latest billion so it is clear that borrowers are shopping around and embracing our online lending model,” Ms Mortimer said.
“To celebrate this incredible success, we have launched a new Home Buyer Special aimed specifically at purchasing home buyers which we think will be even more popular and help even more Australians save money while buying their own home.”
Until the end of Spring, buyers purchasing an owner-occupied home can access the new Home Buyer Special, with rates as low as 3.54% (3.56% comparison rate) for the streamlined Essentials loan and 3.62% (3.64% comparison) for the fully-featured Offset loan.
This is a big discount to loan.com.au’s already low rates available to other types of borrowers.
Ms Mortimer said that the strong lending growth showed that loans.com.au would continue to grow rapidly in size and popularity.
“Analysts are now predicting that online lending will grow to 35 per cent of the market from 3 per cent today and I think it will happen faster than people realise given that our lending is continuing to accelerate,” Ms Mortimer said.
“This growth is happening because we are attracting quality borrowers with low rates such as our Home Buyer Special which the banks simply can’t match because of their high overheads and inefficient processes.”