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Lender’s rate cuts save borrowers up to 55 basis points

by Staff reporter7 minute read
The Adviser

Better Mortgage Management has reduced interest rates on both its alt-doc and specialist loans, saving borrowers up to 0.55 per cent.

Its Capitalist Specialist Gold Alt Doc product has been reduced by 55 basis points to 5.99 per cent. The non-bank lender said the new pricing was the result of merging two former products.

BMM’s Ultimate Alt Doc loan has been reduced by 25 points to 5.24 per cent, and still provides customers with an LVR of up to 70 per cent and no risk fee or LMI, along with an unlimited cash withdrawal limit for personal or investment use.

Managing director Murray Cowan said that by merging the two products into one simplified solution, BMM is narrowing the gap for those borrowers who are not so credit-wise.

“It is a good trend to see for both customers and brokers, some of whom may be returning to this market segment of recent times,” he said.

Meanwhile, Nationalcorp Home Loans has reduced its variable interest rates by 0.25 per cent across its three funders – Adelaide Bank, ING Direct and Resimac.

[Related: Self-employed get special new product]

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