A non-bank lender has announced that it has made rate cuts and waived some of its fees across its home loans products. This is geared towards supporting self-employed borrowers in investing in property or refinancing and consolidating their debts.
The lender has slashed interest rates for owner-occupied principal and interest loans for 70% and 80% loan-to-value ratio (LVR). The lender has announced similar reductions for investor loans and loans with interest-only repayments. The new rates apply to all new applications received from 15 March.
Refinancing activity was robust in 2020; however, many self-employed borrowers were effectively shut out of the market due to the economic uncertainty caused by the pandemic.
Lenders are looking to change that in 2021 by reducing their interest rates and removing almost all the entry costs on their home loans. As a trend, we will see many lenders slashing their rates in the upcoming months.
What does this mean to you as a borrower?
With the economy showing steady signs of a recovery, some of the temporary documentation requirements introduced in 2020 for self-employed borrowers are no longer required. As a result, the process of applying for a loan is more straightforward than ever.
This is an amazing opportunity for you to get in touch with the brokers to see if refinancing your current home loan can get you lower repayments and competitive interest rates.
Talk to us on 1300 889 743 or complete our free assessment form to obtain a quote from a lender that will be best suit your situation.