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AFM drops full and low doc rates

Staff Reporter 1 minute read

Australian First Mortgage (AFM) moved quickly to undercut the major banks by yesterday announcing a 0.30 per cent rate cut to new customers.

The mortgage manager will offer the reduced rate on its Alternative Option Full Doc and Lo Doc product range in conjunction with no application fee, saving borrowers an additional $475.

AFM’s full doc pro pack rate now sits at 7.42 per cent with a full doc standard variable rate of 7.52 per cent. Its low doc pro pack is 7.97 per cent

Tanya White, AFM managing director said that despite current funding market volatility, AFM had responded by “passing on the maximum amount possible to save customers money.”

“AFM represents…strength, long-term sustainability and solid alliances,” Mrs White said.

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Published: 23-10-08

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