Basecorp latest non-bank to target prime customers
Basecorp launched its Long Term Prime product over the past month, aimed at high-quality borrowers. The product will charge interest rates of between 6.45% to 7.25%.
The Prime offering is an alternative to the lender’s revamped Long Term Standard product, which still will charge interest of 7.25% to 7.95% for more specialist borrowers. The company will lend up to 80% LVR across its products.
The Hamilton-based company has launched the new offerings as it tries to take a slice of market share given up by the big banks, which have tightened credit conditions over the past 18 months in the face of regulatory pressure.
John Moody, head of funding and prime lending at Basecorp, said the company was “trying to reach a new category of borrower” that had grown because of the banks’ behaviour. He said banks were “slow” in the current market, and in many cases, “not meeting customer needs” due to their tightened criteria and servicing requirements.
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