Non-bank slashes fixed rates

by Julia Corderoy06 Mar 2015
Non-bank lender Firstmac has announced fixed rate cuts across a range of its home loan products.

Fixed rates across its VIP package have been dropped to 4.31% fixed for two years (comparison rate of 4.68%) and 4.36% fixed for three years (comparison rate of 4.69%).

Kim Cannon, managing director of Firstmac, said the non-bank is pleased to be delivering broker clients excellent value for money.

“The VIP package special is a premium customer offer which recognises that brokers and their clients are the backbone of Firstmac,” he said.

Standard fixed rates have also been cut to 4.41% fixed for two years (comparison rate of 4.83%) and 4.46% fixed for three years (comparison rate of 4.83%).

Cannon added that Firstmac’s VIP brokers still also have time to take advantage of its VIP package special, with the offer of the $295 annual fee waived for the life of the loan to end this month. 

The VIP package special, which was launched in November and finishes on 31 March, has no annual fee throughout the loan term and also offers 10 free splits, competitive fixed rates for combo loans, free budgeting software, a free property data report, and discounts on home and contents insurance.  

Brokers who recommend the VIP package special to their clients before it ends have a great opportunity to extend their business and build client loyalty, according to Cannon.

“This is an important value-add to a product that is already very competitive, particularly with the latest round of cuts to fixed rates,” he said.

“It helps brokers showcase for their clients their ability to identify and recommend the best products available across the mortgage lending sector.

“It is this level of expertise and guidance broker clients are looking for. It’s the reason they choose the broker model for their home loan.”