Loans.com.au 4.54% rate close to 4.56% comparison rate
The loans.com.au’s Dream Home Loan, which has a variable rate of 4.54%, has been extended to a loan to value ratio (LVR) of 90%.
The Dream Home Loan ranks high on the online comparison site Mozo.
Extending the offering to 90% LVR gives borrowers a 0.15% discount, a saving of $36 per month in interest, or $12,960 over the life of a $400,000 loan.
Kim Cannon, managing director of Firstmac, said the move was a reaction to the "extremely competitive" mortgage market at the moment
Cannon stressed the true measure of good value was having a comparison rate very close to the interest rate.
The loans.com.au Dream Home Loan Blackboard Special has a comparison rate of 4.56%.
Loans.com.au is an independently-owned, on-line lender, with finance products backed by Firstmac, which has $6 billion in mortgages under management.