Banks 'doing cartwheels' over fixed rates late to the party

by Adam Smith15 Feb 2013


Another lender has dropped its fixed rates, saying that banks crowing about rates under 5% are late to the party.
Advantedge has cut rates in its white label products, reducing its one, two, four and five year rates by 20bps. The reduction brings the company's two year rate to 4.79%. The loans are exclusively available to brokers aggregating under Advantedge platforms PLAN, Choice and FAST.
Advantedge general manager of distribution Brett Halliwell said the cut came following feedback from brokers. He claimed the company was well ahead of other lenders in the recent flurry of fixed rate cuts.
"Our release today of fixed rates from 4.79% p.a. comes during a week when many of our competitors are doing cartwheels about releasing 4.99% p.a. fixed rates, which we did way back last October," Halliwell said.