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Yellow Brick Road’s executive chairman Mark Bouris has thrown down the gauntlet to the majors, challenging the big four to drop their standard variable rates.
Mr Bouris’ competitive challenge comes hot on the heels of Yellow Brick Road’s decision to launch a new home loan offer.
The company’s Better Basics Home Loan offer, which has a standard variable rate of 6.98 per cent, boasts no redraw fee, no monthly fee and no annual fee.
In addition, the non-bank lender has also said it will waive the application fee and discharge costs to make their Better Basics loan a nil fee offer.
“We’ve launched our Better Basics Home Loan to give consumers not only the best deal possible, but we’ve taken out all the fees and simplified the process to deliver a zero fee home loan with ample flexibility,” Mr Bouris said.
“The big banks are pushing hard to one up each other, but the real competition lies with non-bank lenders like Yellow Brick Road. We challenge CBA, NAB, Westpac and ANZ to beat our Better Basics offer and make Australian mortgage holders the winners.”
Last month, the Commonwealth Bank of Australia launched a campaign that vowed to beat any hot mortgage offers advertised by the other majors.
But Mr Bouris said CBA should not be focused on solely beating the majors, but the lenders that provide true competition: non-banks.
“At a time when consumer uncertainty is high, people need good advice and a home loan product that offers peace of mind. That’s why we’re calling on the banks to drop their rates and beat our offer,” he said.
“If the banks really want to compete, Yellow Brick Road is giving them the opportunity today.”