The new product is delivered in partnership with Tic:Toc, an online lender backed by Bendigo & Adelaide Bank.
As it stands the product's variable interest rate for owner-occupiers is 5.83% p.a. (5.98% p.a. comparison rate*).
The comparison rate includes the offset account, which is $10 a month; without an offset the comparison rate is 5.87% p.a.
There will also be a special offer for NRMA insurance customers - fixed-rate terms are also available.
“This is an opportunity for us to deepen our long-term relationship with existing customers and attract new customers early in the home buying process," said Julie Batch, NRMA CEO, who also serves on the board of Tic:Toc.
“NRMA home loans will help customers by offering a competitive rate and through our partnership with Tic:Toc, offering a fast and simple application experience.”
This adds to Bendigo's suite of white-labelled products, and now includes NRMA, Up Bank, Tic:Toc, and Qantas Money.
Bendigo & Adelaide Bank is Australia's seventh-largest bank in terms of home loans on its books, with more than $42.6 billion in owner occupier loans, and $16 billion of investor loans as of August 2023.
How NRMA's home loan stacks up
This is how variable-rate owner occupier home loans among Bendigo & Adelaide Bank's white-labelled products compare with one another.
|Lender||Product & Details||Advertised % Rate Per Annum (Comparison Rate*)|
|NRMA||<90% LVR||5.83 (5.98)|
|Tic:Toc||Live-In, <90% LVR||5.69 (5.70)|
|Qantas Money||<90% LVR, 100k Qantas points per year||5.78 (5.84)|
|Up Bank||Up Home, <90% LVR, includes offset||5.90 (5.90)|
|Bendigo Bank||Express, <90% LVR||5.72 (5.87)|
|Adelaide Bank||SmartSaver, <80% LVR||5.88 (5.89)|
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