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Non-bank lender reduces fixed rates

by Staff reporter7 minute read

Australian First Mortgage (AFM) has taken the knife to its four-year and five-year fixed-rate home loans.

As part of its full-doc Flexible product range, the four-year fixed rate is down by 0.41 per cent to 5.12 per cent, and the five-year fixed rate is down by 0.26 per cent to 5.22 per cent.

These fixed rates include a 100 per cent offset facility and also allow for construction loans.

AFM managing director David White said fixed rates continue to be a popular option because of the certainty they provide.

The non-bank lender has made a number of other changes to its mortgage products over the past six months.

AFM reduced its Flexible product range as well as it standard variable rates by up to 20 basis points in October last year, and removed loan protection fees for prime loans up to 85 per cent LVR in September.

It also reduced its fixed rates by 70 points for its Complete and Alliance product suite in August.

[Related: AFM makes another new appointment]