Avanti Finance Celebrates Its Lowest-ever Home Loan Interest Rates
Auckland, NZ: Avanti Finance, a non-bank lender, has lowered the starting rate of its near prime mortgage product to below 4% for the first time.
Last year, Avanti Finance unveiled its first near prime mortgage offering, with rates starting from 4.15% p.a. 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 securing credit from a main bank.
It was Avanti’s first step into the emerging New Zealand near prime market and proved to be a popular move among the non-bank’s broker network.
“With everything that happened over 2020, there were many borrowers who didn’t match up against the banks’ lending criteria,” explains Steve Massey, head of distribution at Avanti Finance.
“Our near prime product helped to bridge the gap and get more people into homes. People were hearing ‘yes’ a lot more, and our introducers appreciated that.”
Avanti Finance has now dropped its starting rate from 4.15% p.a. to 3.95% p.a., which will apply to eligible new and existing borrowers, with borrowers able to secure loan amounts from $100,000 to $2 million.
“This latest cut ensures that we will remain a competitive and viable alternative to the major banks for customers looking for an alternative,” explains Mark Mountcastle, Avanti Finance CEO.
Mortgage advisors and brokers are encouraged to contact Avanti Finance directly to add this new near-prime product to their offerings.