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Firstmac offers borrowers discount of up to $8,555

by Staff Reporter7 minute read

Firstmac has made life easier for borrowers by temporarily reducing rates and scrapping annual fees.

VIP Package borrowers can save up to $8,555 over the life of a 30-year mortgage after the lender waived the $295 annual fee.

The non-bank lender has also reduced its VIP Package variable rate from 4.74 to 4.69 per cent for loans of at least $250,000 up to an LVR of 80 per cent.

These two specials will run until 31 December.

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Firstmac managing director Kim Cannon said these special offers would help brokers increase their business and build client loyalty.

"This is an important value-add to a product that is already very competitive," he said.

"It enables brokers to demonstrate for their clients their ability to identify and recommend the best products available across the mortgage lending sector.

"Broker clients are looking for that level of expertise and advice; that is why they choose the broker model for their home loan."

[Related: Cannon calls for greater transparency]

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