CUA launches Rate Breaker loan- always 1% less
CUA has announced its Rate Breaker Package loan, which will carry an ongoing discount of 1% to the average standard variable rate across the big four. The CUA product currently carries a 6.04% rate with a $350 annual fee.
CUA chief executive Chris Whitehead claimed the decision to peg the loan's rate to that of the major banks was “beating the banks at their own game. There is currently no other product available in the market that has the same pricing mechanism as the CUA Rate Breaker Package.”
Whitehead claimed that since April 2010, CUA's standard variable rate had been consistently at least 50bps less expensive than the average of the major banks' equivalent products.
Source: Broker News