Small lenders slash rates, fees to compete

Provident Capital has slashed 15 basis points from its Premium and Premium-Lite range of home loan products. Another small mortgage lender, Future Financial has also ramped up its competitiveness in the market, waiving the $375 annual fee on the Myloan Plus product.

The recently launched product boasts an interest rate of 6.69 per cent. Provident Capital’s head of distribution – lending Steve Sampson said it was good to see both mortgage managers and non-bank lenders once again pushing back into the market and fighting for market share. “In the light of recent speculation that mortgage rates would rise, it is great to announce a decrease to further create competition for the major banks,” he said.

Source: The Advisor