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Non-bank jumps on fixed rate bandwagon

by Staff Reporter8 minute read
The Adviser

James Mitchell

Another non-bank has joined the growing list of lenders to slash the interest on its fixed rate products.

Premium Capital Finance (PCF) has announced dramatic cuts to its fixed rate suite of both Full Doc & Lo Doc products.

“When reducing rates we wanted to not only pass on all of the reduction to our introducers, we also wanted to release a very competitively priced one year fixed rate product which would in turn protect our introducers from any claw backs,” PCF managing director Rakis Panayi said.

“The one year fixed rate is now 6.54 per cent and we believe to be one of the better priced one year rates in the market.”

Further to the reduction to the fixed rate products, PCF also released its claw back policy today.

“We will be recognizing the work put in by our valued introducers by keeping our claw backs to around 75 per cent and only for loans which discharge within the first 12 months. We will also be honoring our three month embargo period so the claw back policy will not come into effect until the 1st October 2011,” Mr Panayi said.

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