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Following the Reserve Bank of Australia's decision to cut the cash rate at its August board meeting, Australian First Mortgage (AFM) has announced it has reduced its variable interest rate for all mortgage products.
AFM has cut the variable rate on its Adelaide Bank Flexible Option, Advantage Complete Option, ING Platinum Option, RESIMAC Secure Option and Pepper Alternative Option by 0.25 per cent.
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In addition to the reduction in variable rates, AFM has cut up to 20 basis points from its suite of Flexible Option products and 10 basis points from its Complete Option products.
Founding director of AFM, Iain Forbes, said he has not seen rates so low in his many years in the banking and finance sector.
“The time is right to buy property at the right price, or refinance with AFM,” he said.
