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Non-bank throws down rate gauntlet

by Staff Reporter7 minute read

Jessica Darnbrough

Proving non-bank lenders are still competitive in the mortgage space, one lender has slashed the interest on its two year fixed rate product – taking it below six per cent.

Effective from today, Better Mortgage Management will offer borrowers a two year fixed rate home loan with an interest rate of 5.94 per cent.

The low rate does not mean borrowers sacrifice flexibility with a 100 per cent offset account, VISA debit card and unlimited free redraws all available with no annual or ongoing fees payable.

Better Mortgage Management managing director Murray Cowan believes it is important mortgage managers and non-banks offer competitive fixed rate alternatives in order to capture more business from the major and second tier banks.

“Traditionally the non-bank sector has struggled to compete with some of the fixed rate offers from the banking sector and I think that has cost our sector a considerable amount of business in recent times,” Mr Cowan said.

“By delivering a competitive fixed rate we anticipate many brokers and customers will now take a closer look at the whole package mortgage managers and non-banks can offer including quicker response times and more personalised service.”

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