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One lender said it wanted to build on its success during the last financial year by cutting variable and fixed rates by up to 50 basis points.
Australian First Mortgage has announced rate reductions on some of its key commercial products.
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The starting variable rate has fallen from 6.24 per cent to 5.74 per cent.
The starting two-year fixed rate has been reduced from 5.67 per cent to 5.17 per cent, while the starting one-year fixed rate has dropped 5.44 per cent to 5.04 per cent.
Director Iain Forbes said Australian First Mortgage was very pleased with the performance of its commercial division during 2013/2014, especially given the competitive nature of the market.
“June in particular was a very encouraging month, where the AFM commercial division experienced a marked step-up in settled deals. This made it a very satisfying end to the financial year,” he said.
This is the third time in three months that the non-bank lender has reduced its rates, following a 10-point variable cut in June and a 10-point fixed-rate cut in May.
Mr Forbes said Australian First Mortgage would continue to offer a full range of full-doc, low-doc and lease-doc commercial products.
[Related: AFM launches high-LVR product]
