Leading online mortgage lender, loans.com.au, today released Australia's most competitive fixed interest residential mortgage. With a rate of 6.29 % per annum, it is substantially lower than other available products.
This is the second time the Brisbane-based lender has delivered the market's lowest rate home loan since launching in June this year.
Loans.com.au Managing Director Mrs Marie Mortimer said this is an aggressive interest rate aimed at providing borrowers a alternative to the major lenders and is set to make a real difference to the Australian mortgage market landscape.
"Loans.com.au has introduced the loan to entice new borrowers, as we are concerned that recent growth in market share of major lenders will threaten future competition in the market," Mrs Mortimer said.
"By offering a rate that is truly show stopping, we hope Australian borrowers stop and realise how much better off they could be by considering alternative lenders," she said.
"The dream loan express fixed rate home loan will be at the interest rate of 6.29 % p.a. fixed for 2 years. The rate will then revert to the dream loan express variable rate, currently 6.69 % p.a.
Since launching loans.com.au in June, we have noticed over half of our new customers are refinancing existing loans, to take advantage of our highly competitive rates.
We now see an opportunity to sharpen this rate further; as global markets have created a favourable interest rate environment and we are able to pass those benefits through to Australian borrowers.
We have a window of opportunity to offer this rate right now, but we will not be able to guarantee that rate will be available into the future. This is a very special rate and it will only be available for a limited time.
We are a serious competitor to the major lenders, providing Australian borrowers with greater choice, lower rates and excellent features on their home loan.
It is our goal to always offer the best interest rate we can, if sometimes that is only sustainable for a short time we are OK with that. In that time we hope many Australian borrowers receive the benefit.
A commitment fee will apply at application to allow customers to secure this competitive rate while we are able to provide it. This loan is intended for borrowers who are in the market and ready to act on a property right now.
I always emphasise the importance of potential borrowers looking at the comparison rate of all the loans being considered.
A comparison rate is the true cost of a home loan. Using a formula it takes the interest payments, based on the advertised interest rate, and includes any additional fees and charges that come with the loan
On this basis, the dream loan express fixed rate mortgage loan, with a competitive 6.66 % p.a. comparison rate, has the hands down best rate of any loan I have seen available today.
We believe the rate is so competitive customers will receive significant benefits compared with other loans in the market, even with alterations to the features."
High resolution images available on request.
loans.com.au is a leading online mortgage provider, proudly 100% Australian owned, and backed by one of Australia's largest financial services companies.
The Company sources funds through one of Australia's largest issuers of Residential Mortgage Backed Securities (RMBS). Its funder has over 30 years experience offering home loans and has publicly issued over $9 billion in mortgage bonds since 2003.
Loans.com.au provides fully-featured mortgages with highly competitive rates to make it easier for people to own and invest in property and ensure Australian's have greater choice when selecting a lender.
Media contact: Charnie Braz | firstname.lastname@example.org | +61 7 3013 8644 | 0419 112 201
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