Further fixed rate cuts announced

by Julia Corderoy17 Feb 2015
Non bank lender Australian First Mortgage (AFM) has slashed fixed rates across the board on one of its most popular loan home loan products, Complete/Alliance option. 

The new rates, effective immediately, see the 1-year fixed rate slashed 20 bps to 4.38%, the 2-year, 4-year and 5-year slashed 35 bps to 4.37%, 4.63% and 4.58% respectively and the 3-year slashed 45 bps to 4.33%.

AFM managing director David White said the rate cuts underline AFM’s commitment to remain competitive for its brokers and their clients.  

“We are always reviewing our pricing and the feedback we get from brokers and customers, and we’ll continue to bring competitively priced products to the market and back them up with good old fashioned service,” he said.

Advantedge has also announced rate cuts on its PLAN Lending, FASTLend and ChoiceLend fixed rate product suite.

The rates, effective from Thursday 12 February, see the 1-year fixed rate cut 20 bps to 4.14%, the 2-year, 4-year and 5-year fixed rates cut 35 bps to 4.14%, 4.34% and 4.34% respectively and the 3-year fixed rate cut 45 bps to 4.14%. 

Brett Halliwell, general manager of Advantedge Distribution, says the wholesale funder’s white label products are defined by sharp rates and the high value service. 

“Today’s rate cuts underline our ongoing commitment to deliver market leading products that form a key part of our brokers’ proposition and the value they can offer clients,” he said.

Halliwell added that he expected to announce further exclusive price offerings across the white label product suite later in 2015, as Advantedge’s consistent growth in the space and its strong balance sheet helped support lower rates.

“As white label products continue to be adopted by an increasing number of brokers, we are well placed to grow our loan book and pass the economic savings on to our valued broker partners,” he said.

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