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On the back of rising investor confidence Collins Securities yesterday introduced a new mortgage product that is geared towards property investors.
The Aurora 90 Investment Loan has a 5.80 per cent variable rate and no deferred establishment fees.
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Collins Securities general manager Allan Willoughby told Mortgage Business the product’s no early repayment fees or deferred establishment fees gave the non-bank lender a leg up in the competitive mortgage industry.
“By having no fees we are able to wage war with the big boys and compete on a level playing field,” Mr Willoughby said.
According to Mr Willoughby, Collins Securities can issue investment loans up to 90 per cent LVR without the need to show genuine savings.
“Investors only need to demonstrate 10 per cent equity in residential property,” Mr Willoughby said.
The investment market is particularly strong at present. Prices have largely remained stable across most markets over the last few years while rental values have continued to increase.
Mr Willoughby said that the product had been in development for the past few months but they were pleased to be releasing the product in to today’s market.
“The timing really couldn’t be better. However, it was mostly coincidence,” he said.
