Firstmac managing director Kim Cannon, owner of loans.com.au, said the lender had doubled its efforts to drive competition in the home loan sector.
“Competition is fierce and loans.com.au is determined to stay ahead of the field,” Mr Cannon said, adding that the flood of borrower incentives made it difficult for customers to identify a good value home loan.
“The true cost or value of a home loan shows in the comparison rate, so borrowers should always look for the lowest interest rate and the comparison rate should be very close to the interest rate,” he said.
“With its value pack, loans.com.au has managed to retain the lowest variable interest rate in the country at 90 per cent LVR, bundled with free products and services that really help customers get off to the best start in their new home and on a path to building wealth.”
The value pack has a 4.54 per cent interest rate, 4.56 per cent comparison rate, free property report, $150 conveyancing voucher, Loan Tracker premium service, a 100 per cent offset facility, competitive rates on home and contents insurance, $500 worth of financial planning, and no monthly or annual fees.
“Buying a property is a stressful time when customers need simplicity and support,” Mr Cannon said.
“They don’t need gimmicks like cash back that coincides with the date; they need a genuine low interest rate and straightforward good value,” he said.
“The value pack offers customers tangible benefits in a timely way, with property reports to help make the purchasing decision with confidence, discounts and vouchers to make conveyancing and insurance cheaper, Loan Tracker to streamline the application process, and financial planning to keep financial goals on track.”