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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.
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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.
“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.
