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In a move that is expected to drive market share away from the majors, non-bank lender Australian First Mortgage (AFM) will reduce the interest rate on its Complete Option full doc loan by 10 basis points.
According to the company’s sales and marketing director Iain Forbes, the new interest rate will be 5.89 per cent for loan to value ratios (LVR) of 65 per cent or less, effective from Monday 1 March.
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“These interest rate reductions will be available for a limited time only,” Mr Forbes said.
“AFM’s standard variable rate will reduce from 5.99 per cent to 5.89 per cent, and come with a nil application fee, nil valuation fee, no monthly fees, and no annual fees.”
AFM will also reduce its Complete Option low doc product by 30 basis points from 6.62 per cent to 6.32 per cent for an LVR of 60 per cent or less.
“February has been the best month for AFM since opening its doors in 2003, with submissions well in excess of $100 million for the month, and as such we want to give something back to our broker network,” Mr Forbes said.
