Firstmac’s online lender loans.com.au still has Australia's lowest variable home loan interest rate despite a highly competitive market driving down prices
Loans.com.au has dropped its rate to 4.48 per cent per annum, 4.50 per cent per annum comparison, at 90 percent LVR, down from 4.54 per cent.
“It is always loans.com.au’s goal to beat the competition on price and we consistently achieve that,” Firstmac managing director Kim Cannon said.
“We have no branch network to maintain and we don’t pay commissions to brokers, so all those savings go straight to our customers,” Mr Cannon said.
Loans.com.au has held the lowest variable interest rate for more than a year and has had the lowest comparison rate for almost two years.
It was voted Australia’s Cheapest Home Loan 2014 in Mozo’s People’s Choice Awards.
The Dream Home Loan has no establishment fee, no ongoing fees, a 100 per cent mortgage offset facility, and a paperless application process through its Loan Tracker system.
It comes with a value pack that includes free property reports, $150 conveyancing voucher, and $500 worth of financial planning at no extra cost.
Since its inception in 2011, loans.com.au has grown steadily to have earned its reputation as the market leader in online home loans.
“Loans.com.au was established to shake up the Australian mortgage market and the effect has been dramatic,” Mr Cannon said. “We are pleased to see other lenders taking steps to engage in real competition because the borrower is the winner.”
Mr Cannon said the relationship customers wanted from their home loan provider had changed.
“It’s a new age and online technology is such that customers are comfortable taking an active role in their own money management in a form that fits into their lifestyle,” he said.
“Online shopping exists in every sector of retail and it is a natural progression this trend would migrate into the home loan sector.
“It is more efficient, more convenient, and cheaper than the conventional bricks and mortar model of banking.”