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Better Mortgage Management has announced a new suite of products under the title Optimal, with rates starting from 3.34 per cent.
According to the mortgage management company, the new suite of Optimal products are suitable for the purchasing, refinancing or construction of owner-occupied or investment properties, with debt consolidation, cash out, relocation and non-genuine savings options.
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The Optimal Basic product is available for owner-occupiers and investors with a loan-to-value ratio (LVR) of up to 80 per cent.
Variable rates for the basic product start at 3.34 per cent for owner-occupiers paying principal and interest (P&I), 3.59 per cent for investors making P&I repayments, and 3.94 per cent for investment interest-only (IO) loans.
Optimal Platinum (full doc) variable rates start from 3.44 per cent for owner-occupiers with an LVR of up to 95 per cent, whereas alt doc rates begin at 4.39 per cent.
Optimal Gold (full doc) variable rates for owner-occupier P&I loans start at 3.94 per cent of up to 80 per cent LVR, and alt doc rates from 4.89 per cent. Investor rates start from 4.34 per cent full doc and 5.29 per cent alt doc.
The Optimal Silver products begin at 4.09 per cent for owner-occupiers up to 80 per cent LVR and 5.04 per cent for alt doc owner-occupiers.
Optimal fixed rates for owner-occupied P&I loans are as follows:
- 1 year fixed rate - 3.55 per cent with Optimal Basic and LVR up to 80 per cent, 3.65 per cent with Optimal Platinum and LVR up to 95 per cent
- 2 year fixed rate - 3.48 per cent with Optimal Basic and LVR up to 80 per cent, 3.58 per cent with Optimal Platinum and LVR up to 95 per cent
- 3 year fixed rate - 3.48 per cent with Optimal Basic and LVR up to 80 per cent, 3.58 per cent with Optimal Platinum and LVR up to 95 per cent
- 5 year fixed rate - 3.53 per cent with Optimal Basic and LVR up to 80 per cent, 3.63 per cent with Optimal Platinum and LVR up to 95 per cent
Investment fixed rates are as above plus 0.10 per cent for P&I loans and plus 0.35 per cent for IO loans.
The broker commission split on the Optimal product range is 0.60 per cent upfront with 0.15 per cent trail.
[Related: Non-bank eyes prime space in new mortgage market push]
