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ISCOVER
Staff Reporter
Just days after Bankwest announced it had launched two new products, another non-major is making waves in the home loan space.
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Yesterday, Adelaide Bank announced it would waive the application fee on its home loans for the month of February.
The move applies to the $375 application fee for new loans, split loans, internal refinances and the $175 application fee for credit increases.
Adelaide Bank’s general manager of third party lending, Damian Percy, said the move could help provide first home buyers and brokers with some extra traction in a slow mortgage market.
“The latest RBA figures show that 2012 was probably the year of lowest credit growth in some decades and December was the lowest month, so in order to help kick things along, we decided to start the year with an application fee-free February,” he said.
“As sponsors of the Real Estate Institute of Australia’s Housing Affordability Report, affordability is an issue we constantly track and care about. For some people currently renting, depending on where they are looking to buy, mortgage payments could actually be less than their current rental payments.
“We're hoping that Application Fee-free February will serve as a catalyst for first home buyers weighing up the ‘buy versus rent’ equation and that they’ll go and see what a mortgage broker can do for them.”
Adelaide Bank’s announcement comes just days after Bankwest launched two new home loans: the Regular Saver Home Loan and the Double Deal Home Loan.
