Yellow Brick Road to crack into financial services sector
Yellow Brick Road has announced it has launched ‘an assault’ on the banking sector in a bid to establish ‘a much-needed alternative for Australian consumers’ by providing a range of mortgage products with banking and wealth management solutions to come online by 2013.
YBR has entered into an agreement with Macquarie Bank to develop the branded banking and wealth management products and services.
“This venture is about bringing back choice, access and competition like there was in the 90’s. Plenty of commentators, including politicians, talk about the need for competition, but there is only one way that is going to happen and that is Yellow Brick Road taking the initiative. This is a game changer that will take the big four head on,” YBR’s Chairman Mark Bouris said.
YBR’s opening salvo will see the company provide a 1.15 per cent p.a discount of the base rate 6.65 per cent p.a fo r the first 12 months of residential home loan products. After that, a discount off the base rate of up to 0.86 per cent p.a. is guaranteed for the life of the loan.