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Life has become easier for non-conforming clients after one lender cut almost 100 basis points from some of its speciality products.
Homeloans has cut rates on its Accelerate range, which is aimed at borrowers who fall outside mortgage insurance and banking guidelines.
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Accelerate Jumbo loan rates have fallen by up to 91 basis points and Accelerate Jumbo low-doc loan rates have fallen by up to 76 points (see table below for details).
Accelerate Plus rates have been cut by up to 65 points and Accelerate Plus low-doc rates have fallen by up to 30 points.
Homeloans’ general manager of sales, Greg Mitchell, said the lender regularly reviews its products and pricing to make them more attractive to brokers and borrowers.
“As a result of our ongoing review, we recently cut rates for new business on certain LVR bands on the Homeloans Accelerate specialty range of products, aimed at borrowers who fall outside typical lending and mortgage insurance criteria,” he told The Adviser.
Pepper announced earlier this month that it had cut more than 100 basis points from some home loan products.
|
Product name |
Previous |
Current |
Change |
|
Accelerate Jumbo LVR >55% up to 65% |
7.34% |
6.43% |
-0.91% |
|
Accelerate Jumbo LVR >65% up to 70% |
7.44% |
6.83% |
-0.61% |
|
Accelerate Jumbo LVR 55% |
7.34% |
6.43% |
-0.91% |
|
Accelerate Jumbo low-doc LVR >65% up to 70% |
7.54% |
7.04% |
-0.50% |
|
Accelerate Jumbo low-doc LVR >70% up to 75% |
7.89% |
7.28% |
-0.61% |
|
Accelerate Jumbo low-doc LVR 65% |
7.44% |
6.68% |
-0.76% |
|
Accelerate Plus LVR >55% up to 65% |
7.84% |
7.29% |
-0.55% |
|
Accelerate Plus LVR >65% up to 70% |
7.94% |
7.74% |
-0.20% |
|
Accelerate Plus LVR 55% |
7.84% |
7.19% |
-0.65% |
|
Accelerate Plus low-doc LVR >65% up to 70% |
8.04% |
7.89% |
-0.15% |
|
Accelerate Plus low-doc LVR >70% up to 75% |
8.24% |
7.99% |
-0.25% |
|
Accelerate Plus low-doc LVR 65% |
7.94% |
7.64% |
-0.30% |
|
Accelerate LVR >55% up to 65% |
6.85% |
6.55% |
-0.30% |
|
Accelerate LVR >65% up to 70% |
7.44% |
7.24% |
-0.20% |
|
Accelerate LVR 55% |
6.70% |
6.40% |
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