Non-bank announces new broker deal

A non-bank lender has waived its annual fee and slashed rates on $250,000-tier home loans.

Firstmac is offering brokers extra value on its VIP Package by waiving the $295 annual fee and lowering the interest rate to 4.69 per cent on the $250,000 tier.

“Brokers and their clients are the backbone of Firstmac and they deserve a premium customer offer to recognise that,” Firstmac managing director Kim Cannon said.

“The VIP Package special will run until the end of the year, potentially saving borrowers $8,555 over the life of the loan from the cut in fees alone,” Mr Cannon said.

The special includes loans at 80 percent LVR with a variable rate of 4.69 percent per annum, 4.72 percent comparison rate.

Previously, the interest rate for the $250,000 tier was 4.74 percent.

It has no annual fee throughout the loan term and also offers 10 free splits, competitive fixed rates for combo loans, free budgeting software, a free property data report, and discounts on home and contents insurance.

Mr Cannon said the special offered brokers a great opportunity to extend their business and build client loyalty.

“This is an important value-add to a product that is already very competitive,” he said.

“It enables brokers to demonstrate for their clients their ability to identify and recommend the best products available across the mortgage lending sector.

“Broker clients are looking for that level of expertise and advice; that is why they choose the broker model for their home loan.”

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