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Non-bank doubles RBA rate cut

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Non-bank doubles RBA rate cut

James Mitchell 2 minute read

A non-bank lender has just announced it will slash its variable rates by up to 50 basis points.

Liberty Financial today announced that it has “doubled the stakes” by reducing its variable rates by up to half a percentage point on both its Prime and Custom home loan ranges.

The result has the lender's Prime rates starting from 4.39 per cent while Custom rates have been reduced to 4.99 per cent.

Liberty said the reduction places it at the forefront of competitive pricing for new residential mortgage customers.

“We have researched the market and just don’t believe that brokers and customers are getting the best possible deal,” said John Mohnacheff, national sales manager at Liberty Financial.

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“So rather than just pass on the minimum reduction and make it effective sometime later this month, we will give our business partners the reduction they deserve and make it effective from today,” he said.

The reduction in variable interest rates was paired with reductions to Liberty's fixed rates, with the one-year fixed rate dropping to 4.29 per cent, while the two- and three-year fixed rates dropped to 4.39 per cent.

Non-bank doubles RBA rate cut
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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