Firstmac has put at least $13,220 back in the pockets of broker customers by extending its 4.19 percent p.a variable rate VIP Package to loans greater than $250,000, and has passed on the RBA rate cut in full.
The market-leading Australian lender will pass on the 25bpts cut to new and existing customers, effective 25 May, taking the variable interest rate to 4.19 percent p.a, 4.21 percent comparison.
The VIP Package special not only waives the $295 annual fee for the life of the loan, but Firstmac has also reduced the minimum loan size from $450,000 to $250,000 to qualify for this offer.
Firstmac Managing Director, Mr Kim Cannon, said brokers could help their customers save money every month in interest.
“Previously, the lower interest rate only applied to loans above $450,000, but we have extended the offer to loans from $250,000,” he said.
“This VIP Package special will enable brokers to offer a great rate loan, with no annual fee, to more customers.”
Mr Cannon said customers had plenty of options to get a low rate home loan in the current lending environment.
“Three of the big four banks have not passed on the RBA rate cut in full, which leaves their customers with some big questions,” he said.
“There is plenty of competition in the home loan market, and bank customers can see they could be saving money on interest if they chose another lender.”
For example, Firstmac’s SVR is 99bpts below that announced by one of the major banks after it held back 5bpts of the RBA cash rate cut.
In real terms, that represents a saving of approximately $333 per month in repayments, and $119,695 over a 30-year term for a loan of $450,000.
“Bank customers who switch to a Firstmac home loan will save themselves tens of thousands of dollars, and years off their home loan.”
Firstmac Limited is an independently-owned, Australian financial services provider with more than 35 years’ experience in home and investment loans. Firstmac has written in excess of 68,000 home loans in the past decade and manages approximately $6 billion in mortgages and $150 million in cash investments. Firstmac is a premier sponsor of the Brisbane Broncos.
Firstmac Limited is 100% Australian owned with over 30 years of experience in home and investment loans which makes us a great alternative to the major banks. Firstmac manages roughly $5 billion in mortgages and $150 million in cash investments through offices in Sydney, Melbourne, Brisbane, the Gold Coast and Singapore. Firstmac Limited has market-backed insurance products backed by international companies, such as Allianz Group and Ace Insurance Limited. International ratings agency Standard & Poor’s gives Firstmac its highest possible ranking (“strong”) for loan serviceability abilities.
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