Two major banks release lucrative offers
Two of the big four banks are getting serious about growing their share of the home loan market by announcing a number of lucrative offers to their network of mortgage brokers. And if history is anything to go by, Westpac and ANZ won’t be far behind in releasing their own counteroffers.
The Commonwealth Bank of Australia have announced that they will beat any advertised one to five fixed year rate home or investment loan interest rate from their major competitors including Westpac, ANZ or St George when an application is lodged through a mortgage broker.
While NAB have offered brokers a variable rate of 4.32 per cent for new Homeplus principal and interest variable rate loans where the lender is an owner-occupier with an 80 per cent loan to value ratio (LVR).
Coronis Mortgage and Finance Senior Mortgage Broker Mathew Crossley said it was in buyers’ best interests to speak to a mortgage broker as opposed to going directly to their bank.
“Often the banks offer mortgage brokers better deals and interest rates in order to attract more business through the industry channels as more than 50 per cent of all loans written are through mortgage brokers,” Mr Crossley said.
“But in saying that, even after taking into consideration the discounts and cashbacks, some of the smaller lenders still offer better solutions – such as Homestar, Heritage, Bank Australia and the Queensland Police Credit Union.
“So it’s worthwhile talking to a mortgage broker who can shop around to find the best package – rates, fees and extras – to match your needs.
“Through our relationships with more than 40 lenders, we can access the deals that aren’t on offer to the public, which can in the long term, save you a lot of money.”
To find out if you’re receiving the best interest rate or if a better financial solution exists for your needs (home owner or investor), contact the Coronis team of mortgage brokers today.