Wizard’s Protected Mortgage

Wizard Mortgage Corporation announced the launch of their Protected Mortgage product this week.

In keeping with the current industry trend of providing more than just an interest rate with your home loan the Protected Mortgage also provides borrowers with insurance cover for death and trauma.

The loan package has a variable interest rate of 6.45% and the insurance content covers borrowers for traumas such as heart attack, stroke, cancer, quadriplegia and paraplegia, and wil pay $50,000 over two years if claimed. The establishment fee for the loan is $695.

But that's not all. On settlement of the loan borrowers will also receive a smoke detector, a safety switch and a St. Johns Ambulance Kit.

Where's the set of steak knives ???

All jokes aside, this just highlights the fact that lenders cannot tweak their rates much more and must look to enhancing the features of loan products in order to attract new borrowers.