Mortgage manager pares back fixed rate

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A mortgage manager will cut its 1-year fixed rate on a range of product from tomorrow.

Australian First Mortgage has announced that it will cut 0.1% off its 1-year fixed rate on its Flexible Option products, bringing the rate down to 5.43%.

The price adjustment applies to both full-doc and low-doc products in the Flexible Option range.

Recently, AFM increased broker upfront commissions on its popular Complete Option range from 0.65% to 0.7%.

AFM's national head of sales Clint Hawthorne said the manager hoped to reward loyalty through the changes.

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