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ISCOVER
Staff Reporter
Highlighting the ongoing strength of the second tier sector, one lender has slashed 10 basis points from its variable rate and halved the application fee for new business.
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Effective from today, Bendigo and Adelaide Bank will cut the interest on its variable rate, taking its basic product to just 6.89 per cent and its fully transactional product to just 6.99 per cent.
In addition, the bank will halve its application feel for all new business to just $395.
“We want to make sure brokers know we are committed to providing competition to the mortgage market. We want to establish ourselves as a true alternative to the big four,” Bendigo and Adelaide Bank’s Scott Erickson said.
Mr Erickson said the best thing about the bank’s new product initiative was that there were no hurdles to entry.
“When other lenders offer reduced rates it is for certain loan sizes up to a certain LVR. Our offer on the other hand is available to all new customers with a loan over $10,000 and up to 95 per cent LVR where the LMI is capitalised.”
