Third rate cut in three weeks for mortgage manager

by Adam Smith18 Jun 2012

A mortgage manager has trimmed interest rates for the third time in three weeks.

Australian First Mortgage has announced it will make cuts to its Alternate Funding Programme loan. The mortgage manager cut between 51bps and 156bps for its low doc product.

The previous rate on the product for LVRs up to 65% was 9.75%. AFM said it would reduce the product's rate to 8.19%.

The move comes after AFM cut rates on its commercial Smart Suite products, dropping its five-year fixed rates 55bps and its one-year rates by 35bps.

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