Westpac forecasts higher interests rates: Borrowers warned to brace for higher repayments
Monthly repayments could soon cost borrowers a lot more cash if Westpac’s predictions for rate rises do come to fruit...
More lenders have jumped on the reduced fixed rate bandwagon, after the big four confirmed they will reduce their fixed rate mortgage pricing.
Effective immediately, Australian First Mortgage (AFM) will reduce its two and three year fixed rates by 0.21 per cent and 0.30 per cent respectively.
The reductions are applicable to the AFM Advantedge funded products.
AFM national director of sales and marketing Iain Forbes said that the new two year fixed rate of 7.22 per cent and three year rate of 7.48 per cent is lower than the fixed rate offered by some of the banks.
“In addition to the rate reduction, the AFM Advantedge product comes with a nil application, and valuation fee (limited to $220) a further saving of approximately $500. And for a limited time only, these fixed rates are being offered with locked pricing and no rate lock fees,” he said.