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More lenders sharpen pricing

by Staff Reporter8 minute read
The Adviser

Jessica Darnbrough

Another two lenders have made adjustments to their rates and product policy in a bid to grab greater market share.

Effective from today, Provident Capital will slash 15 basis points from its Premium and Premium-Lite range of loan products.

The announcement comes just one week after the company announced it would increase broker upfront commission to 0.825 per cent.


In addition to Provident Capital’s recent announcement, Future Financial has also ramped up its competitiveness in the market, waiving the $375 annual fee on the Myloan Plus product.

The recently launched product boasts an interest rate of 6.69 per cent, no clawbacks and trail from day one.

Provident Capital’s head of distribution – lending Steve Sampson said it was good to see both mortgage managers and non-bank lenders once again pushing back into the market and fighting for market share.

“In the light of recent speculation that mortgage rates would rise, it is great to announce a decrease to further create competition for the major banks,” he said.

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