Auswide Bank today revealed its summer offer for new residential owner-occupied and investment home loans used for purchase or refinance, just weeks after announcing similar changes to its rates.
The new owner-occupied offer includes a discounted variable rate of 3.79 per cent per annum, a ‘life of loan’ discount of 1.54 per cent per annum off the standard variable reference rate.
It is available on new Principal & Interest (P&I) home loans of $150,000 or more with loan-to-valuation ratios of up to 90 per cent. It is not available for pre-approvals, interest only, construction or non-resident lending.
A discounted three-year fixed rate of 3.89 per cent per annum is also available for owner-occupiers.
For loans used for investment purposes, a discounted variable rate of 3.99 per cent per annum discounted variable interest rate is also available, offering a ‘life of loan’ discount of 1.73 per cent per annum off the standard variable reference rate.
This offer is available on new P&I or interest only loans of $150,000 or more with loan-to-valuation ratios of up to 90 per cent. It is not available for pre-approvals, construction or non-resident lending.
A discounted three-year fixed rate of 4.05 per cent per annum is also available to residential property investors.
“At Auswide Bank we are serious about making a big difference and demonstrating the power of a small lender. Late last year we launched our RBA rate tracker home loan, which was the only one of its kind in Australia,” Auswide Bank’s chief customer officer Damian Hearne said.
“Now it’s 2017 and we’re excited to lead with significant discounts on our Freedom Package home loans. These special interest rate offers are available on new home loans or for borrowers seeking a better deal from another lender. Simply compare these rates to the ‘big banks’ and you can see that they are some of the strongest offers in the market.”
According to Mr Hearne, the decision to change the rates came as a result of “continually reviewing the market and considering all the information in respect to [its] competitive position”.
He added: “This involves consideration of our objectives to grow our customers, our financial objectives and the competitive landscape. Our latest offers reflect who we are and where we want to be. We’re a bank who cares about customers and wants to grow and to do that we need to provide the right products delivered at the right price.”