Online lending enquiries triple
Internet-based home loan lenders are benefiting in the wake of the big bank rate hikes as more Australians eschew direct lending for online savings, according to one online lender.
Online lenders, such as ING-funded MyRate.com.au, have undercut some of the major bank rates by passing on savings to customers as much as 1 per cent due to lower overheads.
As a result, customers are taking notice and MyRate recorded a 300 per cent increase in daily enquiry volumes in one week.
Commenting on the recent increases in online popularity, MyRate managing director Kevin Sherman said low standard variable interest rates and no fees on standard applications are features the big banks cannot offer.
“As a result of the substantial increase in loan enquiries, our staff are working late into the evenings and on weekends. We have had to ask consumers to please be patient and bear with us while we process through their applications and would like to assure them that we will get to them in no time at all,” he said.
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