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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.
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