Advantedge has shaken up the fixed rate market once again, with the funder slashing the interest rate on its three-, four- and five-year fixed rate offerings.
From today, the lender will offer a three-year fixed rate product with an interest rate of 4.99 per cent.
Advantedge has also unveiled a rate from 5.31 per cent on a four year loan and reduced its five-year rate by a further 20 basis points, taking it to 5.37 per cent.
The highly competitive new rates are available exclusively through Advantedge’s home brand fixed rate product suite under PLAN Lending, FASTLend and ChoiceLend.
The latest reductions to its fixed rates follow the move by Advantedge earlier this year in reducing its one- and two-year fixed rate to a market low rate of 4.79 per cent.
Brett Halliwell, general manager of Advantedge distribution, said the rate reductions reflect Advantedge’s commitment to providing their brokers with one of the most competitive and market leading offers.
“The home brand products under the FAST, Choice and PLAN aggregation platforms have once again cemented their leadership position by offering some of the most competitive standard fixed rates across all of its fixed rate terms,” he said.
“It’s been a long time since we have experienced such a strong uptake of fixed rated loans, which now represent around 25 per cent of applications received and settled. This is up from a low point of 10 per cent in the past 12 months.
“We are focused and committed to helping our brokers grow their businesses. The reductions we’ve made to our fixed loan rates provide brokers across FAST, PLAN and Choice the flexibility and freedom to offer their customers some of the most competitive products in the market.”