subscribe to our newsletter
YBR offers lowest rate on record

YBR offers lowest rate on record

Yellow Brick Road has today announced its lowest ever variable home loan rate after passing on the RBA’s full rate cut.

Yellow Brick Road is slashing interest rates on its Empower owner-occupier product range and its Rate Smasher Home Loan by 25 basis points.

The changes mean the variable rate for YBR’s Rate Smasher Home Loan will start at 3.82 per cent with a 3.82 per cent comparison rate – the lowest variable comparison rate the group has ever offered – while its Empower Home Loan will start at 4.00 per cent (with a 4.00 per cent comparison rate).

Yellow Brick Road group executive chairman Mark Bouris said rates have been low for some time and many thought it was impossible to go any lower – yet it’s happened again.

“My generation would never have believed rates could go this low. If customers have been ignoring the messages around slashing their interest rate and the savings potential over the last few years, they need to listen up now,” Mr Bouris said.

“The banks have not been doing the right thing by the customer for some time and the discrepancy between their rates and smaller lenders like ours has never been clearer,” he said.

“The big banks have been banging on in recent months about the cost of funding and the need to keep rates higher, yet smaller players like Yellow Brick Road whom operate under the same pressures have a rate that’s now well below 4 per cent p.a. I think it’s time for customers to finally act with their feet and demand a better deal or say goodbye to their bank.”

The changes to Yellow Brick Road interest rates are effective immediately for new loans and changing on 25 May for existing loans.

[Related: More lenders move on rates]

 

YBR offers lowest rate on record
mortgagebusiness logo

Latest News

The prudential regulator has outlined why there is often so much divergence between borrowers and lenders over a four-letter word. It’s no...

Personal insolvencies in Australia rose by 5.6 per cent in the 2017–18 financial year, according to new data from the government. ...

Financial sector reviews have not changed the way Australian banks evaluate performance, the Finance Sector Union has told the royal commiss...

Promoted Stories

podcast

LATEST PODCAST: Non-major rate changes, Bankwest focuses on brokers and Westpac leaves SMSF space

Do you expect access to credit to get harder this year?