25 Sep 2019

Firstmac brings back classic Broker Specials

Leading non-bank lender Firstmac has brought back its iconic Broker Special loans in time for the spring buying season, spearheaded by a 3.19% owner occupied loan which is the same price for interest-only or principal & interest.

Investors have also been targeted with a marketing leading 3.39% loan which is available in interest-only or P&I at the same price.

Managing Director Kim Cannon said the new products would give brokers a decisive advantage in the market, especially with customers who were keen to look outside the Big 4 banks.

“Our low-rate Broker Special was the product that really made an impact for us in the past so we have decided to bring it back for the first time in years,” Mr Cannon said.

“Our new Broker Specials are limited time only and come with a super-competitive rate and a more attractive serviceability assessment.”

The details of the new loans, which are available immediately, are below.

Rate Product Repayment Type LVR
3.19% OO Basic 80 PI or IO 80%
3.29% OO Offset 80 PI or IO 80%
3.39% INV Basic 80 PI or IO 80%

Mr Cannon said that as well as their great rates, the key feature of the new loans was the way that all of the Broker Specials – whether owner occupier or investor – came with an interest only repayment option at the same price as principal & interest.

“Normally interest-only loans come with a higher interest rate but we have decided to give borrowers the option at the same low price, which makes us the market leader for interest-only in all these categories,” Mr Cannon said.

“These limited time products offer a great opportunity for both buyers and refinancers.”

As well as slashing its interest rates, Firstmac has changed the way it determines the serviceability assessment rate by applying a 2.50% buffer over the actual rate.

Where multiple loans are being applied for, Firstmac will assess at 2.50% over the weighted average interest rate of all loans.

For more information, please contact your Firstmac BDM: https://www.firstmac.com.au/accreditation/contact-us

Media contact: Duncan Macfarlane on 0434 184 264

Firstmac Limited is an independently-owned, Australian financial services provider with almost 40 years’ experience in home and investment loans. Firstmac has written in excess of 100,000 home loans and manages approximately $12 billion in mortgages and $300 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.

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