Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

ME launches refinance calculator tool

The leading challenger bank has developed a new loan calculator intended to “shock borrowers out of apathy into action” as it seeks to exploit the growing refinance market.

The new tool called ‘Scroogify’ quantifies how much a borrower would save over the life of their loan if they were to refinance their existing home loan to ME.

Head of home loans Patrick Nolan explained that industry refinance levels have been steadily increasing as competition between lenders intensifies, which has meant that borrowers are becoming more aware of new deals on offer.

Advertisement
Advertisement

“However, a large group of borrowers are still disinclined to refinance due to the perceived difficulties in comparing and because they underestimate the amount they can save, despite the fact the majority are with a major bank and are probably paying too much,” Mr Nolan said.

“We built Scroogify to be a new type of calculator that, in a few seconds, quantifies just how much a borrower would save over the life of their loan, in both time and money, if they switched their existing home loan to ME.

“We think Scroogify will shock borrowers out of apathy into action.”

The bank added that the tool will help to maintain its home loan growth after its home loan settlements reached $3.2 billion for the six months to 31 December, which was up 54 per cent compared to the previous corresponding period.

[Related: ME launches new internet banking platform]

ME launches refinance calculator tool
mortgagebusiness

Latest News

Mutual bank margins are set to come under pressure amid record-low interest rates and “fierce” competition in the home-lending space, a...

The Tasmanian bank has announced the appointment of a new chief financial officer. ...

The neobank has announced that inflows into its savings account product have hit $200 million. ...

FROM THE WEB
podcast

LATEST PODCAST: Questions raised about AFG-Connective merger

Do you think Australia will move to quantitative easing this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.