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Bank cuts rates by 45 points

by Nick Bendel7 minute read

One lender has cut its fixed rates for the third time in six weeks.

P&N Bank has reduced its four-year rate from 5.59 per cent to 5.20 per cent.

The Perth-based lender has also made a cut to its five-year rate, from 5.75 per cent to 5.30 per cent.

Interim senior manager of distribution Tony Versace said the new rates provide a competitive alternative for borrowers, whether they want to fix their entire mortgage or select a combination of variable and fixed rates.

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“It also provides brokers with a degree of certainty in setting and retaining their prospective customers with longer-term fixed rates,” he told The Adviser.

P&N is a member-owned bank that is on the lending panel of about 90 per cent of brokerages represented in Western Australia, according to Mr Versace.

The bank cut its two-year and three-year rates earlier this month, following an earlier cut to its two-year rates in April.

“Improving market conditions have again enabled us to respond by passing on these reductions to both existing and potential new members,” Mr Versace said.

“We also believe that in this environment customers are looking for more competitive options in the longer term fixed rates.”

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