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LJ Hooker has entered the home loan lending market with a bang, vowing to take on the majors with the launch of its new LJ Hooker Classic Home Loan.
The property group has joined forces Firstfolio in a bid to get the product off the ground and into the competitive lending market.
The launch of the new product follows a successful pilot offering within the LJ Hooker network during the past two months that resulted in the company writing over $30 million in home loans.
The variable loan, which has an interest rate of 6.65 per cent, will be available to all prospective home buyers regardless if they buy or sell through the real estate network.
"Borrowers have low rates and a fee structure that makes this loan product one of the most competitive available today and can be applied for online at www.ljhooker.com. There is no application fee, no valuation fee, no redraw fee, and no ongoing annual fee. A settlement fee only applies to loans of $500,000 or less," LJ Hooker executive chairman Janusz Hooker said.
According to Mr Hooker, borrowers can also expect a fast-track approval time, which is aided by having the home buying and loan phase under the one roof.
LJ Hooker Financial Services, general manager Peter Bromley said this product was just the first of many steps the real estate was looking to take in the lending arena.
"Our long-term goal is to increase our market position and we believe offering home buyers and property investors new products such as home loans at a competitive rate and with more features than the big banks offer will help us achieve that," he told Real Estate Business.
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