Non-bank waives fees, cuts rates

by Adam Smith06 Nov 2014
A non-bank lender has waived fees and lowered rates for broker-introduced clients.

Firstmac has announced it will waive the $295 annual fee on its VIP Package product for broker's clients. The lender has also cut the interest rate on the product's $250,000 tier by 5bps to 4.69%. Managing director Kim Cannon said the move highlighted the importance of brokers and their clients.

"Brokers and their clients are the backbone of Firstmac and they deserve a premium customer offer to recognise that. The VIP Package special will run until the end of the year, potentially saving borrowers $8,555 over the life of the loan from the cut in fees alone," Cannon said.

The promotion includes loans up to 80% LVR, carries no annual fee throughout the loan term and also offers 10 free splits, free budgeting software, a free property data report and discounts on home and contents insurance.