Non-bank slashes commercial rates

by AB04 Jul 2014
A non-bank lender has cut rates across its range of commercial products.

Australian First Mortgage has cut its commercial product suites by as much as 50bps, putting its starting variable rate at 5.74% and its starting two-year fixed rate at 5.17%.

The lender also cut 40bps from its starting 1-year fixed rate, reducing it to 5.04%. AFM said rates across the range had been cut from between 15 and 50bps.

AFM director Iain Forbes said the lender's commercial division performed well over the past financial year.

"June in particular was a very encouraging month, where the AFM Commercial Division experienced a marked step-up in settled deals. This made it a very satisfying end to the financial year," Forbes said.