Login
ISCOVER
Promoted by Latitude Financial Services
A Latitude Better Start Personal Loan helps debt consolidation customers get back in control of their finances with no repayments and no interest charges for the first three months.
Latitude Financial is helping customers get back in control of their finances through today’s launch of Better Start, a debt consolidation loan with no repayments and no interest charges for the first three months.
Better Start will support customers wanting to clear their debts by consolidating them into one personal loan of $20,000 or more at interest rates starting from 6.99 per cent p.a. for secured loans and from 7.99 per cent p.a. unsecured. The lowest comparison rates currently available are 8.25 per cent p.a. and 9.24 per cent p.a. respectively*.
Better Start is the first debt consolidation loan of its type in Australia giving customers seeking to better manage their debts an upfront break from interest and repayments. Customers can also choose to make a head start on paying down their loan by voluntarily making a repayment in the first three months without attracting interest.
Australians consolidated in excess of $1.4b of debt in the 12 months to November 2019, according to Australian Bureau of Statistics, an increase of 23 per cent from the previous year.
Latitude grew last year to become the third biggest lender of new personal loans, gaining share from the big four banks.
“We want to help customers with better money habits. Latitude commissioned research in January, showing almost 60% of consumers are prioritising saving more money and looking to sort out personal finances in 2020. They want to get back in control of their finances, especially after Christmas, by consolidating their debts, having one single monthly repayment schedule, and be able to take a short-term break on their payments while they get organised for the year. Better Start addresses these needs in one simple and easy to understand product,’’ said Latitude’s General Manager Lending, Rohan Harrap.
“Available to new customers until 29 March 2020, Better Start offers something new in Australia and we are excited that our Brokers will be offering it. It gives customers a three-month break in both repayments and interest on the loan, allowing customers to get the year off to an easier start while they consolidate their debts and organise their finances,’’ said Lee Slattery, General Manager of Latitude B2B.
Latitude will directly pay out existing credit card balances or loans held by customers at other financial institutions when they consolidate their debt using Better Start to further simplify the process.
“Brokers are an important partner, helping customers manage their financial wellbeing. We have seen double digit growth every year since partnering with Brokers on Personal and Motor Loans. We expect this growth to continue as we introduce new products at great rates, like with our new leading Personal Loan rates starting at 6.99 per cent p.a. with a comparison rate of 8.25 per cent,” said Mr Slattery.
For more information please contact:
Media contact
Mark Gardy
P: 0412 376 817
E:
* The Comparison rate for the above product is based on a secured loan for $30,000 over 5 years.
WARNING: The comparison rate applies only to the example or examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
