Auckland, New Zealand: Avanti Finance, a non-bank lender, for the first time lowered the starting rate on its near-premium mortgage product to less than 4%.
Last year Avanti Finance unveiled its first offering of prime mortgages, with rates starting at 4.15% per annum for eligible borrowers. These home loans were designed to offer an alternative to those borrowers with strong overall profiles, but with borrowing situations that prevented them from obtaining credit from a main bank.
This was Avanti’s first step into the emerging New Zealand near-premium market and has proven to be a popular initiative among the network of non-bank brokers.
âWith everything that happened in 2020, there were a lot of borrowers who did not meet the banks’ lending criteria,â says Steve Massey, head of distribution at Avanti Finance.
âOur premium product has helped bridge the gap and attract more people to homes. People were hearing a lot more âyesâ, and our presenters appreciated that. “
Avanti Finance has now lowered its starting rate from 4.15% pa to 3.95% pa, which will apply to eligible new and existing borrowers, with borrowers able to guarantee loan amounts of $ 100,000 to $ 2 million. .
âThis latest reduction ensures that we will remain a competitive and viable alternative to the big banks for clients looking for an alternative,â says Mark Mountcastle, CEO of Avanti Finance.
Mortgage advisors and brokers are encouraged to contact Avanti Finance directly to add this new quasi-premium product to their offerings.
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