Veteran fintech loans.com.au has laid out the red carpet for first homebuyers, reducing its interest rate on the LVR 90 loans that are most commonly used by people entering the market for the first time.
Managing Director Marie Mortimer said the company was seeing increased activity from first home buyers in response to more affordable property markets and it wanted to help them get a foot on the property ladder.
“People buying for the first time haven’t usually been able to accumulate as much equity as those who have already enjoyed the capital gains from home ownership but we don’t think they should be penalised for that,” Ms Mortimer said.
“To help them take advantage of this long-awaited opportunity to enter the market, we have reduced our interest rate on LVR 90 Offset home loans to the same as LVR 80 and offered our streamlined Essentials home loan at LVR 90 for the first time.”
In line with the new campaign, the OO P&I Offset 90 will have its rate cut by 32 basis points from 4.04% to 3.72% (3.74% comparison), while the Essentials loan will be available at LVR 90 for 3.64% (3.66% comparison).
Loans.com.au’s move follows its continued success in growing its loan book and driving its parent Firstmac past the $11 billion mark in loans under management.
Ms Mortimer said that loans.com.au had grown while maintaining strong credit policies that had allowed it maintain extremely low default rates compared to those of the major banks.
She said its mixed customer service approach of online lending with extensive personal support over the phone would especially appeal to first home buyers.
“We have flourished because we offer the efficiency and convenience of online lending along with support from real people which creates strong relationships and gives borrowers confidence,” Ms Mortimer said.
“First home buyers can come to us for the most important purchase of their lives and deal with real people not robots,” Ms Mortimer said.
Loans.com.au is Australia’s leading online lender and is backed by parent company Firstmac, Australia’s largest non-bank lender. has customers in every state and territory. It is a proud sponsor of the Brisbane Broncos NRL team.