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SAMLoans has launched a new loan product that offers first home buyers a one per cent discount on their standard variable loan for five years and an ongoing 0.75 per cent discount from the sixth year onwards.
The product, which is available for loans up to 90 per cent LVR, can be offered by brokers until the end of this financial year at a discounted variable rate of 4.8 per cent.
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Rob Fitzgerald, SAMLoans national manager, said the deal was better than anything on offer from the big banks and would even likely continue to beat the banks after the five year 1 per cent discount ended.
With no margin on the product, Mr Fitzgerald said commission on the loan would be 0.45 per cent upfront.
