The competition between Australia’s lenders shows no signs of abating, with one cutting the interest on its suite of variable products.
At the end of last week, Advantedge announced its standard variable rates would now start from just 5.08 per cent.
According to a statement from the lender, all loans with an LVR of 75 per cent or less will have a standard variable rate of 5.08 per cent – a 5 basis point reduction.
The lender also managed to trim 8 basis points from its SVR on loans with an LVR above 75 per cent, taking the new rate to 5.15 per cent.
The competitive new rates are available to all new full-doc applications as well as to some low-doc applications via Advantedge’s home-brand fixed rate product suite under PLAN Lending, FASTLend and ChoiceLend.
Advantedge’s general manager for distribution, Brett Halliwell, said the rate cuts were part of the lender’s ongoing commitment to provide brokers and their customers with value-adding products at highly competitive rates.
“There have been a lot of rate movements in recent weeks and Advantedge remains at the forefront of the industry. We are driven by providing our brokers some of the best rates in the market to help our brokers grow their businesses,” Mr Halliwell said.
“We continually strive to drive competition by offering brokers under the Choice, PLAN and FAST aggregation platforms exclusive access to our attractively priced home-brand products.”