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Liberty has announced a reduction in its fixed and variable rate home loan interest rates, cutting variable rates by 0.25% (starting from 5.34%) for their Liberty Sharp home loan, for all new and existing business and fixed rates for new business starting from 5.39%.
Comparison rates are 5.41% and 5.68%, respectively.
John Mohnacheff, Liberty Financial national sales manager, says the lender is continuing its commitment to driving competition by offering customers one of the ‘broadest and best value’ home loan ranges, spanning prime and custom loans.
“We are also committed to providing our business partners with FlexibiLiberty, flexible products and service.”
Similarly, Allstate Home Loans has dropped the variable rate on all new specialist lending products by 0.55% and, on some of its Prime loans, by up to 0.45%.
Allstate national sales manager, Greg Strachan, says Allstate has been working with their wholesale funders to bring more choice for brokers and their customers.
“Today’s announcement is another significant step in providing real competition to the big banks in the prime market and also assist with the ever-increasing number of specialist loans which fall outside prime guidelines. These borrowers can now access rates as low as 7.17%.”
“Our new business rate for Pro Pack loans up to 80% LVR will be reduced to 5.37% and, on LoDoc, up to 70% LVR will be reduced to 6.18% and 80% LVR down to 6.28%,” adds Strachan.
“We still believe the Lodoc product is an important sector for brokers, and this rate reduction will assist brokers to market in this space.”
In addition to the rate reductions, Strachan says Allstate have also announced an enhancement to their Non-genuine savings policy (NGS).
“NGS applicants can now borrow up to 95% LVR, providing the source of the equity is revealed and if borrowed included into serviceability calculations. This will certainly help in the states that have withdrawn access to FHOG on existing dwellings and effected that end of the market. For applicants with high incomes but little deposit, this offers a very viable alternative.”
