Non-bank lenders report surge in home loan inquiries

Tuesday 16 November 2010

Article by Mozo

Australia's leading non-bank lenders have reported a three-fold increase in home loan inquiries after all of the "big four" banks opted to lift interest rates above the Reserve Bank's official hike earlier this month.

Non-bank lenders report surge in home loan inquiries

Speaking to the Daily Telegraph, Yellow Brick Road boss Mark Bouris said the company was progressing with its branch expansion plans in order to cater for a surge of new customers seeking to take advantage of its discounted variable interest rate of 7.34 per cent.

CBA hiked its variable mortgage rate by 0.45 per cent this month, followed by NAB, ANZ and Westpac with 0.43, 0.39 and 0.35 per cent hikes, respectively – moves which have encouraged many borrowers to compare home loans and consider switching.

"We have seen a tripling in inquiries from borrowers – most have loans with the major banks," said Mr Bouris.

ING Direct also told the Daily Telegraph it had seen a three-fold increase in inquiries regarding its rate of 7.12 per cent and $1,000 offer to customers who switch mortgage.

Opportune Home Loans, meanwhile, said it had seen a four-fold increase in inquiries in the past two weeks, with borrowers keen for more information on its 7.37 per cent variable rate.

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