AFM Cuts Fixed Rates On Cornerstone Product

AFM Cuts Fixed Rates On Cornerstone Product

Fixed rates cut on Complete/ Alliance product range

True to its commitment to remain competitive, one non-bank lender has made significant reductions to the interest rates on one of its cornerstone product ranges.

Australian First Mortgage has slashed fixed rates across the board on its Complete/ Alliance option.

The 1-year fixed rate has been reduced by 20 basis points; the 2-year, 4-year and 5-year year fixed rate has been reduced by 35bps; while the 3-year fixed rate has been slashed by a full 45bps.

This takes the rates to 4.38% for 1-year fixed, 4.37% for 2-year fixed, 4.33% for 3-year fixed, 4.63% for 4-year fixed and 4.58% for 5-year fixed.

Managing Director David White said AFM is serious about its promise to offer brokers a wide range of products at the most competitive rates.

“This latest round of rate cuts underlines AFM’s commitment to remain competitive for the benefit of both our brokers and their clients,” he added.

“We are always reviewing our pricing and the feedback we get from brokers and customers, and we’ll continue to bring competitively priced products to the market and back them up with good old fashioned service,” he said.

This latest round of rates cuts follows AFMs earlier move where it passed on the RBA 25 basis point variable rate reduction.

The new rates are effective immediately.