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Asteron targets refinancing market

Asteron has this week launched a home service which has an incentive for advisers and brokers who are looking at refinancing home loans.

Friday, April 2nd 2004, 6:26AM

by Philip Macalister

Over recent years brokers have been focussed on writing new mortgages on the back of the property boom, however it is expected that refinancing will become a much more active part of the market now.

As part of its launch Asteron is offering a $300 contribution towards to people who are taking out a new home loan or refinancing using the traditional route which includes engaging a solicitor. This money can be used for legal, valuation or moving costs.

Asteron has focussed on the refinancing market with what it calls an Easy Refinancing option. This option is priced at around $280, compared to the normal cost of between $500 and $800, and as part of the incentive it is paying the refinancing fee.

The service cuts out the need for solicitors to be involved and used a title insurance policy.

Asteron Home Loans are a white labelled home loan product run by Australian Mortgage Securities (AMS). It has competitive fees, and includes a no financial home loan product.

The Asteron home loans have competitive rates, no establishment and on-going fees, a low cost easy financing service and interest only loans. Asteron’s Rod College says the current rates are not special low, launch rates, rather they are pitched at where the Asteron wants to be in the market.

Asteron hopes to sell a lot more life insurance on the back of the home loan service. Its strategy is to include in the home loan application form as a one page person statement for insurance products. The idea being that it is a natural extension for someone to complete this form after completing the home loan one. Also it has set the form up so that people will buy joint cover.

“We are launching a lending service with a simple path to life protection – that’s it,” College says.

College says the company is “proud” that it has been able to condense the risk application form to one page.

The life cover on the short form application isn’t limited to the loan.

To see how its rates compare click here
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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online ▲7.75 ▲6.65 ▲6.35 ▲5.99
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.10 6.09 5.69

Last updated: 20 November 2024 9:45am

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