Non-bank trims variable rates

by AB24 Jun 2014
A non-bank lender has cut trimmed variable rates for the second time in two months.

Australian First Mortgage has announced it has cut 10bps from its Platinum Option range. The cut brings the range’s starting point to 5.09% at 90% or lower LVR. The lender said the products also carry no annual fees.

The reduction comes on the heels of last month’s cut to the lender’s Flexible Option range.

“This latest move by AFM gives brokers access to a great product with minimal costs at high end LVRs,” managing director David White said.

White said the Platinum Option range allowed for LVRs of 97% for owner occupiers and 95% for investors, and also allowed for construction options.