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AFM slashes fixed rates

by Staff reporter7 minute read
The Adviser

Australian First Mortgage has again made significant reductions to fixed rates on its Complete/Alliance option.

Effective immediately, the one-year fixed rate has been slashed by 20 basis points, taking it to 4.38 per cent.

Meanwhile the two-year, four-year and five-year fixed rates have been reduced by 35 basis points each, putting AFM's two-year fixed rate at 4.37 per cent, its four-year fixed rate at 4.63 per cent and its five-year fixed rate at 4.58 per cent.

AFM’s three-year fixed rate saw the biggest reduction, with 45 basis points slashed, reducing it to 4.33 per cent.

According to AFM managing director David White, the non-bank lender is serious about maintaining its competitive edge and offering brokers a range of products at the best prices.

“This latest round of rate cuts underlines AFM’s commitment to remain competitive for the benefit of both our brokers and their clients,” he said.

“We are always reviewing our pricing and the feedback we get from brokers and customers, and we’ll continue to bring competitively priced products to the market and back them up with good old fashioned service." 

AFM's latest move comes after it slashed rates on its four-year and five-year fixed-rate home loans in early February.

[Related: AFM makes another new appointment]