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By Tim Neary
June 15, 2012
Iain Forbes
For the third time in as many weeks determined non-bank lender Australian First Mortgage has taken the knife to its interest rates.
On the AFM Alternate Funding Program rates for the Lo Doc Alternate product have been reduced from between 0.51% and 1.56%.
The move reduces the Lo Doc variable rate from 9.75% to 8.19% on loans with LVRs up to 65% - a reduction of 1.56%.
Director Iain Forbes said this is a 'substantial' reduction for a Lo Doc Loan.
"In a market that may be described as competitive and tough we are extremely busy at present," he added.
"All credit staff are working to capacity to maintain the AFM motto of 'Higher Standards - Higher Service,'" Forbes said.
AFM recently introduced Self-Managed Super Fund lending on residential and commercial loans.
Forbes said the SMSF division continues to grow as brokers are being trained on the product and its features.
Related Stories
AFM appoints new joint MD - Fortifying its commitment to the non-bank lending channel, Australian First Mortgage has made yet another strategic appointment.
Most Aussies want to manage own super fund: AFM - Nearly three out of every four Australians are interested in transferring their superannuation into a self-managed super fund, according to Australian First Mortgage director David White.
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