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ISCOVER
Staff Reporter
Aussie Home Loans has thrown down the gauntlet to the major banks, cutting its variable rate to 6.99 per cent.
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According to the company’s executive chairman John Symond, new funding lines from Macquarie Bank helped the non-bank lender cut its rates.
As such, Mr Symond said the company would not only be able to offer competitive service, but competitively priced products moving forward.
“The Global Financial Crisis has seen the big banks regain the ascendancy in the mortgage home market and we intend to take back their market share gains through a combination of lower rates than the major banks and great service,” he added.
“We have seen the opportunity to re-ignite our Aussie product offering as there is a gap in the market for very competitive mortgage rates and services and we will be aggressively marketing them.
“We are delighted to be teaming up again with Macquarie Bank, as together we revolutionised the home lending market in the 1990’s with securitisation, which forced the banks to drop their high rates by nearly 3 per cent.”
