11 October 2010
Homeloans Ltd bucks the trend
Mortgage rate reduced by 0.31 per cent
National mortgage provider Homeloans Ltd today announced it has dropped the rate on its popular full-doc MoniPower loan by 0.31 per cent.
Greg Mitchell, Homeloans’ general manager retail, calls the move “a positive development at a time when borrowers are expecting bad news.”
“It’s widely expected the Reserve Bank will decide to increase interest rates when it meets in November,” Mitchell says. “In addition, pundits are predicting that major banks will soon be lifting rates – over and above any official tightening in interest rates by the RBA – but we’ve bucked the trend and done the opposite.
“This further demonstrates that Homeloans is continuing to consolidate its position as a competitive alternative to the banks.”
The Homeloans MoniPower loan is a fully-featured loan with 100 per cent offset facility, no monthly or annual fees and very flexible credit criteria. It now sits at a very competitive 6.79 per cent, alongside the Homeloans Ultra which starts at 6.59 per cent.
For Homeloans interest rates visit our interest rates page.