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ISCOVER
Staff Reporter
Yet more lenders are slashing the interest on their fixed rate home loans.
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Australian First Mortgage yesterday became the last in a long line of lenders to trim the interest on its two and three year Flexible Option fixed rate products.
Effective from August 22, the lender will cut 50 basis points from its two year fixed rate and 55 basis points from its three year fixed rate, taking the mortgage products to 6.79 and 6.84 per cent respectively.
AFM director Iain Forbes said while almost all of the majors had now cut their fixed rate products, it was refreshing to see a non-bank lender truly challenge the big four in terms of price.
“It is comforting to see AFM now competing with the major lenders, with its product offering of full offset capability and residential construction loans, as well as these competitive fixed interest rates,” he said.
