Get notifications in real-time for staying up to date with content that matters to you.
In a bid to increase their competitive stance in the Australian mortgage industry, Australian First Mortgage has decided to lift the rate on its AFM flexible Option product by just 0.1 per cent.
The increase in the rate is 0.15 per cent less than the Reserve Bank’s 25 basis points rate hike announced last week.
AFM’s director of sales and marketing Iain Forbes said it was important for the non-bank sector to stay competitive.
“The decision by one of our main funders, Adelaide Bank, to increase its variable mortgage rate by just 0.10 per cent has assisted us to pass on these increases to all our new borrowers,” he said.
According to Mr Forbes, the difference in AFM’s interest rates when compared to one of the majors is 0.77 per cent, which equates to a saving of $256 each month.
ASIC’s raised industry funding levies reflect higher enforcemen...
Construction and retail trade have fuelled business loan growth i...
The majority of Australian borrowers think applying for a home lo...
Join Australia's most informed brokers
Do you know which lenders are providing brokers and their customers with the best service?
Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
What's the longest time you've been left on hold before getting through to a credit assessor?
