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Lender cuts fixed rates by 35 points

by Nick Bendel9 minute read
The Adviser

Wide Bay Australia has made a play for brokers' holiday business by reducing its three-year fixed rates.

The building society has reduced its Freedom Package three-year rate from 5.14 to 4.79 per cent.

It has also reduced its standard three-year rate from 5.24 to 4.89 per cent.

Wide Bay's general manager of third-party and strategic alliances, Charlton Nevis, said these are permanent reductions that will only change with market movement in the course of time.


"The brokers have been telling us that they prefer the three-year term in fixed rates. Accordingly, we have listened and delivered," Mr Nevis told The Adviser.

"Wide Bay is seeking business over the holiday period as our offices are open and we would like to write as many loans as possible over this time."

Meanwhile, the temporary Freedom Package variable rate discount that Wide Bay announced in November is still available.

Borrowers can get a 4.65 per cent rate with a maximum LVR of 80 per cent and a 4.75 per cent rate with a maximum LVR of 90 per cent. These rates apply to loans of at least $150,000.

Lenders have aggressively cut rates throughout 2014, with online lender Easy Street recently unveiling a 3.75 per cent one-year rate.




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