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Jessica Darnbrough
Determined to take on the big four, Homeloans has said it will pay $600 to any borrower that takes out a loan in the lender’s flagship Ultra range.
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In addition, Homeloans’ general manager third party distribution Tony Carn said the lender would also waive the application fee on the loan if the borrower does not receive a full loan assessment and a written response within 48 hours of applying for the mortgage.
“Consumers could be confused in thinking that the range of competitive options is limited to those offered by a handful of large institutions. However, Homeloans has been helping Australians for over 25 years, and this offer helps to reinforce the fact that we are very much a viable alternative to the banks,” Mr Carn said.
According to Mr Carn, Homeloans’ new offer does not just concentrate on providing a competitively priced mortgage, but excellent service as well.
“While it’s one thing to offer a $600 cash-back on top of our already competitive interest rates, we are also announcing something that no one else has seemed willing to do. We are undertaking that if we do not provide a full loan assessment and a written response within 48 hours, we will also waive the application fee on the loan.”
The $600 cashback offer applies to Full Doc and Lo Doc loans within Homeloans’ flagship Ultra range, which has interest rates from as low as 6.89 per cent.
"The offer is available to all new applications, so unlike some offers available in the market, this is not restricted to borrowers of selected financial institutions. It applies to owner occupier loans, investment loans and refinances,” he said.
In assessing a loan, Homeloans’ underwriting team reviews the application and verifies the supporting documentation. “We do not rely on credit scoring tools, so we are not making an offer with the aim of issuing an unreliable conditional assessment.
“We undertake to fully assess a loan and communicate back with our broker partners in a timeframe we believe consumers should be entitled to. We continuously strive to provide superior service, and we want to highlight to brokers and consumers alike that we place a big value on service, in addition to providing seriously competitive home loan products.”
