One non-major has undercut the big four by reducing its two-year fixed rates to 4.75 per cent.
P&N Bank has made a cut of nine basis points for all loans up to 90 per cent LVR. That is lower than the equivalent rates offered by the majors.
P&N’s interim senior manager of distribution, Tony Versace, said the member-owned bank would make the offer available for as long as market conditions allowed.
“Prospective applicants, however, can lock the rate away for up to 90 days from application lodgement for a flat fee of $650 per loan,” he told The Adviser.
“We’ve seen a gradual improvement in funding conditions over the past few weeks and staying true to our member-first philosophy, we wanted to pass on these benefits to both existing and new members as soon as practical.”
Mr Versace said P&N was on the lending panel of about 90 per cent of brokerages represented in Western Australia.