11 Jul 2018

Firstmac Targets Fixed Rate Market

Australia’s largest non-bank lender Firstmac has launched special low fixed rates that are lower than many lenders’ variable rates.

Managing Director Kim Cannon said that, with tightening money markets, this was a market turning point.

“We are pleased to announce that we are ready with low fixed rates for borrowers who are worried about future rises and are wanting to fix their home loan interest rates,” Mr Cannon said.

“Best of all, the same low rate is available with P&I or Interest-only repayments, to make it ideal for all borrowers.”

The rates are as below:

·         Fixed 2 years at 4.09% (P&I or I/O) Package Special

·         Package Special Fixed 3 yrs at 4.19% (P&I or I/O)

Mr Cannon said the product would make it easy for brokers to flag a good-value fixed-rate product for most customers immediately, whether they were investors or owner-occupiers, without having to check the fine print.

“Fixed-rate loans are typically a relatively small segment in the home loan market but we believe that is about to change and we aim to have the most competitive offering available for brokers when this space really takes off,” Mr Cannon said.

“We are already seeing increased inquiry from borrowers about fixed rates and - with short-term rates rising steadily - the Big Four will have to raise their home loan rates soon, meaning this trend will only accelerate.”

 

Media contact: Duncan Macfarlane on 0434 184 264

Firstmac Limited is an independently-owned, Australian financial services provider with 39 years’ experience in home and investment loans. Firstmac has written in excess of 100,000 home loans and manages approximately $10 billion in mortgages and $250 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.