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Non banks are undercutting majors

15/09/2011

Homeloans’ general manager third party distribution Tony Carn and Intouch chief executive Paul Ryan said the non-bank sector is now stronger than ever and ready to battle the big banks for mortgage market share.

“Homeloans has a variable rate starting at 6.79 per cent and a three year fixed rate starting at 6.59 per cent, with a 100 per cent offset account. So not only are we competitively priced, but our fixed rate product is also very innovative,” Mr Carn said.

“We are always reviewing our product suite to see what we can do to ensure our products are industry leading.” Mr Ryan agreed and said, in many instances, non-bank lenders offer products that are between 40 and 60 basis points cheaper than the majors.

Source: The Advisor



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