PropertyPals.com.au was created by Peter Phillips, with over 25 years experience in the banking industry. Created back in 2008 it offered individuals an opportunity to get together to buy property. Peter noted the difficulty for younger people to enter the property ownership market so he devised a platform for likeminded individuals to get together and seek to buy together, much like shared rental accommodation. PropertyPals has now returned with additional initiatives than the inital offering.
The purpose of this site is much like a social experiment; we want to garner support from mortgage holders collectively so that once we reach a critical mass PropertyPals can then lobby lenders to obtain a low and fair mortgage rate offer.
Current best on offer variable home loan rate is around 2.80%; most offer over 3%.
What we propose at PropertyPals is that the Reserver Bank of Australia’s prevailing cash rate be used as a benchmark, nothwithstanding funding costs, etc, plus an added component to generate a variable home loan interest rate for the life of the loan and any new loans. This is our proposal:
Current Reserve Bank Cash Rate – 1.00% plus 1.00% add-on to equate to a variable home loan rate of 2.00%. NB. The add-on is always fixed.
With a 3 year fixed rate – 1.00% plus 1.25% add-on to equate to a 3 yr fixed rate of 2.25%. NB. The add-on is always fixed.
With a 5 year fixed rate – 1.00% plus 1.50% add-on to equate to a 5 yr fixed rate of 2.50%. NB. The add-on is always fixed.
If you want to join us to gauge whether we can succeed in this quest for a fantastic home loan rate offer, register today. NB. Any offer achieved from any lender does not guarantee this rate. Subject to normal credit criteria.