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Non-bank cuts variable rate

by Staff Reporter7 minute read
The Adviser

Staff Reporter

In a bid to enhance its competitiveness in the market, one non-bank lender has slashed the rates on its fixed and variable products.

Effective from today, Provident Capital now offers a variable rate mortgage of 6.99 per cent p.a and fixed rates as low as 6.65 per cent p.a for a three year term.

The lender’s head of distribution lending Steve Sampson said that the rate cuts would help make Provident Capital even more relevant in a broker’s product suite.

Mr Sampson also said Provident Capital would soon deliver an online loan application module to “make it even easier for our brokers to deal with us”.

“There is a lot of talk in the market about brokers wanting to support the second tier, so we want to provide the products and services to give brokers more reasons to make the leap and give us their support. We’re here to win the brokers support and we will continue to look for new initiatives and ways to do so,” he said.

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