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Non-bank lender Firstmac has announced cuts to both its VIP package fixed rates and standard fixed rates.
The VIP package’s two-year fixed rate has been slashed to 4.31 per cent (down from 4.68 per cent), while the three-year fixed rate has been cut to 4.36 per cent (down from 4.69 per cent).
Standard fixed rates were cut to 4.41 per cent for two-year fixed (4.83 per cent comparison) and 4.46 per cent for three-year fixed (4.83 per cent comparison) rates.
Firstmac is urging its broker clients to take advantage of the VIP package before it ends on 31 March.
It was launched in November, offering no annual fee throughout the loan term and 10 free splits, along with free budgeting software and discounts on home and contents insurance.
Firstmac managing director Kim Cannon said the VIP package offers a great opportunity for brokers looking to extend their business and build client loyalty.
“This is an important value-add to a product that is already very competitive, particularly with the latest round of cuts to fixed rates,” he said.
“It helps brokers showcase for their clients their ability to identify and recommend the best products available across the mortgage lending sector.”
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[Related: Prominent mortgage identity leaves Firstmac]
