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One lender has targeted “a far bigger pool of customers” by extending its discounted fixed rate to 80 per cent LVR borrowers.
Advantedge Financial Services announced that the discounts would be available across the PLAN, FAST and Choice product ranges for new full-doc applications of at least $200,000, effective immediately.
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Loans from $200,000 to $500,000 with an 80 per cent LVR will now start at 4.83 per cent, while loans greater than $500,000 will now start at 4.73 per cent.
Loans from $200,000 to $500,000 with an LVR between 80 per cent and 90 per cent will now start at 4.95 per cent, while loans greater than $500,000 will now start at 4.85 per cent.
Advantedge Distribution general manager Brett Halliwell said the lender’s loan book had grown by 65 per cent during the past two years.
“The extension of our discounts into the 80 per cent LVR tier provides the opportunity for a far bigger pool of customers to access our sharpest rates,” he said.
“Advantedge pioneered price-for-risk three years ago, by offering rate benefits to customers on lower LVR loans.
“Demand for this ultra-competitive product range has snowballed, establishing Advantedge as a major player in its own right. By extending the discounts to 80 per cent LVR, our aim is to share our success with brokers and their customers to drive momentum even further.”
Advantedge Financial Services announced three weeks ago that it would cut its one-year, four-year and five-year fixed rate terms.
A raft of other lenders have also announced rate cuts this year, including Westpac, ANZ, NAB Broker, Citibank, ING Direct, Teachers Mutual Bank and Suncorp Bank.
