$600 cash-back + service guarantee for new loan applications
Homeloans Ltd is taking the Big Four head on – providing a $600 cash-back offer on new loans within its flagship Ultra range, and making a guarantee that if Homeloans doesn’t provide a full loan assessment and a written response within 48 hours it will waive the application fee on the loan.
“Our offer has been designed to remind consumers not to be distracted by the antics of major banks trying to steer borrowers away from one institution to another,” says Tony Carn, Homeloans’ general manager third party distribution.
“Consumers could be confused in thinking that the range of competitive options is limited to those offered by a handful of large institutions. However, Homeloans has been helping Australians for over 25 years, and this offer helps to reinforce the fact that we are very much a viable alternative to the banks.”
Carn also warns consumers to take offers made by the Big Four “with a grain of salt.”
“In recent times consumers have been offered a range of competitive options, but we have noticed that no one appears to be talking about service,” he says.
“While it’s one thing to offer a $600 cash-back on top of our already competitive interest rates, we are also announcing something that no one else has seemed willing to do. We are undertaking that if we do not provide a full loan assessment and a written response within 48 hours, we will also waive the application fee on the loan.”
The $600 cash-back offer applies to Full Doc and Lo Doc loans over $150,000 within Homeloans’ flagship Ultra range, which has interest rates from as low as 6.89 per cent.
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“The offer is available to all new applications, so unlike some offers available in the market, this is not restricted to borrowers of selected financial institutions. It applies to owner occupier loans, investment loans and refinances,” adds Carn.
In assessing a loan, Homeloans’ underwriting team reviews the application and verifies the supporting documentation. “We do not rely on credit scoring tools, so we are not making an offer with the aim of issuing an unreliable conditional assessment,” Carn explains.
“We undertake to fully assess a loan and communicate back with our broker partners in a timeframe we believe consumers should be entitled to. We continuously strive to provide superior service, and we want to highlight to brokers and consumers alike that we place a big value on service, in addition to providing seriously competitive home loan products.”
Homeloans’ service undertaking will apply to all loans in the Ultra range which are electronically submitted with the required supporting documentation.
About Homeloans Ltd
Founded in 1985 and listed on the Australian Stock Exchange in 2001, Homeloans Ltd (ASX: HOM) specialises in home loans, and has a wide range of products to meet the needs of all types of customers, from first homebuyers to investors.
With an Australia-wide presence, Homeloans provides a refreshing alternative to the banks for home finance. The mortgage provider has a clear focus on customer service, and has won a number of industry accolades including the Mortgage and Finance Association of Australia (MFAA) Mortgage Manager of the Year Excellence Award 2009 and 2010. Homeloans offers a generous customer benefits program and is proud to support Carbon Conscious, planting a tree for every Homeloans loan settled.
www.homeloans.com.au