Bank of Saint Lucia (BOSL) launched a new and improved mortgage loan product line this week, making the journey to homeownership easier for its customers.
‘Home Suite Home’ was unveiled at BOSL on Wednesday, with each component carefully crafted to ensure it meets the highest standards of quality, noted Medford Francis, Deputy Managing Director of Lending and Investments at BOSL.
The product line will cater to customers’ diverse needs and is a ‘game-changer’ in the mortgage market, BOSL stated.
“At Bank of Saint Lucia, we’ve always been driven by a passion for innovation and a commitment to excellence. Our purpose is to empower people to succeed in every aspect of their lives. ‘Home Suite Home’ is a comprehensive suite of mortgage loans tailored to meet the needs of different demographic groups along different stages of their life cycle,” Francis stated, adding that “the genesis of the mortgage suite of products is the fundamental belief that one size does not fit all as there are persons of different demographic profiles, income profiles and even social, religious and cultural backgrounds who we need to cater for.”
Home Quest: This is specifically tailored for young professionals. Genevieve Downes, Acting Senior Manager for Marketing and Communications at BOSL, said that it is perfect for first-time homebuyers “and persons looking to pivot careers.”
Home Flex: It is for existing homeowners who want to use the equity in their homes for home improvement purposes.
It provides a Home Equity Line of Credit for current homeowners to renovate, expand, or pursue new passions “such as funding a child’s university, taking a world cruise, or starting a side hustle,” Downes explained.
Home Switch: This particular product offers competitive rates and a seamless transition for those transferring their mortgage.
Home Suite Home serves as a comprehensive blueprint for all stages of homeownership “whether you’re buying, upgrading, or refinancing,” Downes stated.
According to her, BOSL’s strategy was built on four pillars: market engagement, personalisation, vision realization, and financial education. “We connect with customers through targeted campaigns, customize our products to fit their needs, help them achieve their dream home with innovative solutions, and empower them with the knowledge to make informed decisions. This approach ensures we align with their goals and provide robust support throughout their homeownership journey.”
To strengthen their product line and to make ‘Home Suite Home’ even more appealing, BOSL partnered with a number of local businesses offering discounts on building materials, smart technology, design services, etcetera.
The Bank has partnered with True Value Hardware, Wizo Limited, Caribbean LED lighting and Brice and Company.
“These partnerships will provide our customers with discounts and access to high-quality products, further enhancing the value of the HomeSuite Home offerings. In support of our commitment to supporting financial prosperity, Bank of Saint Lucia is also introducing EliteBuilders CAPITAL. This premium commercial mortgage product is aimed at upper-income individuals who wish to expand their homes or invest in commercial properties. This provides excellent opportunities for leveraging assets for both short and long-term passive income,” Francis said.
By aligning its products with the evolving needs of the market, BOSL is enhancing its competitive edge as well as reinforcing its commitment to sustainable growth and financial inclusion, Francis added.
“EliteBuilders CAPITAL in particular, exemplifies our strategy to support our clients in building wealth and creating lasting legacies, while the HomeSuite Home products reflect our dedication to making homeownership attainable and beneficial for a wide range of customers. We invite you to explore our Home Suite Home Mortgages and see for yourself how it can transform financial prospects for our people,” he said.
According to Francis, “we’re not just launching a product suite; we’re offering solutions that will make a tangible difference in your lives. Whether you’re first time home builder or a seasoned professional investing in a second home to earn passive income, we have catered for you.”
Downes explained that in the coming months, customers can expect dynamic campaigns designed to create “buzz and drive engagement with our enhanced HomeSuite Home products and EliteBuilders CAPITAL.”
She noted that with a 5% interest rate, a 20-year repayment plan, favourable waivers and fee discounts, and an unsecured credit card up to $100K, EliteBuilders CAPITAL provides unmatched financial support, reiterating that “it’s an exceptional opportunity to leverage assets for short and long-term passive income.”