Coles Home Loans Review
Founded: To be confirmed
Funded by: Retail deposits and wholesale capital markets
LMI provider: To be confirmed
Lender type: Non-bank
Coles has not yet confirmed whether it will be launching a home loans business so keep an eye on this page for any updates.
Ever since partnering with GE Capital to offer personal loans and credit cards, rumours have been circulating as to whether Coles will also be entering the mortgage space.
Coles has remained tight-lipped on the matter but, if they were to launch, they’d have to come up with a really competitive offer for regular Australians to even take notice.
I mean, would you get a Coles home loan?
How would Coles home loans compare?
They’re great at
- Cheap interest rates and loan establishment fees
- Special deals for repeat store customers as well as people already signed up to their personal loan and credit card offering
- Simple home loans with easy setup
- Complete online application making it easier and faster to get a home loan
- Low interest rates means it may be a good option for refinancing
But they’ve got some drawbacks…
- Depending on which lender they partner with, Coles may restrict lending for certain property types and locations
- Their “brokers” would be more like sales staff will likely lack skills in credit
- There would likely be no branch access
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How would a Coles home loan work?
We think that Coles would go about their home loan offering as they did with their petrol and current finance offering: by cross-selling.
Essentially, the more you shop, the cheaper the interest rate they will offer you and the better the loan terms will be.
Will Woolworths enter this space as well?
Speculation that Coles home loans were just around the corner reached its height when UK retailer Tesco launched its own suite of home loan products.
Soon after this, Coles’ closest competitor, Woolworths, applied for a banking licence and certain trademarks.
The bottom line is that we don’t know what Coles and Woolworths will do just yet but all signs point to yes and that’s actually great news for Australians.
It means more competition in the home loan space so banks are going to have to sharpen their pencils to offer cheaper rates, better products and better ongoing service in order to keep your business.
Don’t wait! Get a great deal right now
We have nearly 40 lenders to choose from so our mortgage brokers can properly assess your situation and negotiate special pricing that isn’t offered to the general public.
Speak with one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form today.