Exclusive home loan provider cuts rates

by Ksenia Stepanova10 Jul 2020

Select has announced a series of rate cuts to its Prime product, plus new policy changes to make it easier for advisers to find finance for their customers.

Select is a home loan provider exclusive to NZFSG and Loan Market, operated in partnership with Bluestone. Select’s ‘Reboot’ campaign marks the product’s first full year in the market, and will be supported with new digital loan tools to ensure easy applications and fast processing times.

Read more: NZFSG embraces Bluestone’s white-label loans

Bluestone New Zealand managing director Peter Wood says the pandemic and economic downturn is proving tough for advisers, and also for clients looking to get finance from the main banks.

“The continued uncertainty in domestic and international markets will present new challenges for advisers, as lenders will place added scrutiny on borrower circumstances,” Wood said.”

“As loan scenarios become more nuanced, it is particularly important to support processes with a solid digital foundation to ensure turn-arounds can be maintained and customers receive the level of service they expect.”

Select borrowers now have access to rates starting at 3.49% up to 85% LVR (80% for investment property), and cash out of up to $100,000. It has also lowered its serviceability stress rate to 5.75%, one of the lowest currently in the market.

Read more: Select reveals market-leading system integration

Decisions on applications are made within 72 hours, and applications can be submitted online through NZFSG and Loan Market’s CRM loan application system.

NZFSG CEO Brendon Smith says the online system is a key element of Select’s service, and has been received well by the adviser community.

“Technology has been an integral part of the Select proposition from the start, and it has clearly resonated with our advisers, as shown by over 1500 applications worth nearly $1 billion in our first year,” Smith commented.

“As we reboot our lending programme, we’re pleased to introduce further digital process enhancements to support both our adviser experience and the quality of our applications.”

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