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Non-bank offers 2.99pc fixed rate

by Staff Reporter8 minute read
The Adviser

FirstMac has upped the ante on its “FightBack” product off the back of its latest AOFM investment and the further reduction to the cash rate.

Announced yesterday, the new “FightBack” product will offer an introductory one year fixed rate of 2.99 per cent before reverting to FirstMac’s standard variable rate, which is currently lower than those of all the four major banks.

The product will be available for LVRs of up to 80 per cent and loan amounts of between $50,000 and $750,000.

The reduction of the “FightBack” one year fixed rate by 100 basis points comes as the major banks move to increase their fixed rate home loans.

Westpac’s one year fixed rate home loan, for example, now sits at 5.19 per cent after a 20 basis point increase on Monday.

FirstMac CEO Kim Cannon said FirsMac was committed to “providing a competitive and quality alternative to the traditional banks”.


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