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A non-bank lender has launched a new discounted fixed-rate product as part of its long-term expansion strategy into the broker channel.
After making a serious break into the market earlier this year, Wide Bay has launched a special one-year fixed interest rate of 4.48 per cent.
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Speaking with The Adviser, Charlton Nevis, general manager for third party at Wide Bay, said there was more to the product than just the headline figure.
“We’re allowing 100 per cent offset as well as additional repayments, redraw, no monthly fees and no rate lock fee,” Mr Nevis said.
“We want to make our fixed rate product the best in the market, and I believe if you give people the benefit of a fixed rate and allow them to have flexibility with an offset account and the ability to make repayments, borrowers will see how sensational it is.”
Mr Nevis believes the product combines some of the benefits that many other lenders are keeping separate.
“It’s all just one part of the long-term strategy we have for improving our presence and growing our market share in the third party distribution channel,” he said.
