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ISCOVER
Staff reporter
One of Australia's leading non-bank lenders has made a further reduction to its fixed rate product
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Australian First Mortgage (AFM) has further reduced its 1 year fixed rate on its Flexible Option Product by 0.10% for all new borrowers on its Full Doc and Lo Doc range of products effective Tuesday 13th November 2012.
Speaking to The Adviser, director of AFM Iain Forbes said that AFM was keen to pass on the reduction in funding costs to borrowers.
"Circumstances like these have not been seen for a long time and as our funding costs have come down we're keen to pass this reduction onto our brokers and their customers".
Mr Forbes went on to add that this was yet another sign that comeptition in the mortgage space was well and truly alive.
"At the same time as offering low rates we have also increased our commissions to brokers. AFM has also recorded a record month of settlements in October for 2012" he said.
