A non-bank has trimmed its rates for the fifth time in four months.
Mortgage manager Australian First Mortgage
has announced cuts to its Complete and Alliance product suite's 2-, 3-, 4- and 5-year fixed rates. The lender cut rates on its 5-year product by 70bps, reduced its 4-year rates by 37bps and cut 9bps and 10bps from its 3-year and 2-year products, respectively.
The change brings AFM's to 4,72% for 2-year, 4.78% for 3-year, 4.98% for 4-year and 4.93% for 5-year loans. The cuts apply to loans where both less than and greater than 50% of the total loan is fixed.
AFM managing director David White said the lender was responding to strong competition in the marketplace.
“We receive lots of feedback from brokers about their customers wanting alternatives to the big banks," White said.