Allstate has introduced a 0.25% interest rate reduction on all new Specialist Lending products, effective immediately. Rates on existing Specialist Lending products were reduced by 0.25% on May 29 and letters have been issued to borrowers confirming the rate reduction.
The mortgage manager’s national sales manager, Greg Strachan, says the response to their May rate reduction of 0.50% was positive.
“As the RMBS market continues to improve and spreads continue to contract, our funders (RESIMAC) are pleased to be able to pass these savings onto our customers”.
Allstate says its Specialist Lending product range continues to provide ‘market-leading products’ for clear and credit impaired, self-employed and PAYG borrowers, who do not fit the ‘traditional’ prime borrower profile.