If this is credit rationing, I'll have more thanks!

[Perth Investor]

Release from FirstMac Bank. I'm sure there are some hidden exit fees etc, but it shows some firms are still chasing market share...

FirstMac fights back with a new 3.99% home loan!

Over the past few months we’ve seen continued volatility in the world financial markets, with a coordinated effort worldwide to reduce interest rates.

In addition, as a result of these turbulent market conditions, credit and mortgage insurance conditions have tightened.

To make sure our accredited brokers are better positioned to compete in this changing marketplace, and to provide a real competitive alternative and extra choice for borrowers, FirstMac is fighting back!

To provide you with greater opportunity to compete in these changing times, we have pleasure in announcing the first phase in the launch of our new home loan — FightBack.

FightBack is a fully featured home loan designed to appeal to home buyers and property investors. It’s also ideal for borrowers wishing to refinance an existing property.

A snapshot of features includes…

FightBack premium fixed
· 3.99% 12 month introductory fixed rate (reverting to standard variable)

· FullDoc only

· Max LVR 80%

· Max loan amount $750K

· 100% redraw offset

· Unlimited redraws at no cost

· Fully transactional with Visa debit card

· FirstMac pays mortgage insurance

· No ongoing monthly or annual fees

 

[Rolf Latham]

Hiya

Very limited product though placed on the back of a 600 mill RMBS purchase by the Aus Fed Gov.

80 % lend isnt going to be a good fit for many..............I suspect the def will make up long term benefit

ta
rolf

 

[Token Funder]

Release from FirstMac Bank. I'm sure there are some hidden exit fees etc, but it shows some firms are still chasing market share...

FirstMac fights back with a new 3.99% home loan!

Over the past few months we’ve seen continued volatility in the world financial markets, with a coordinated effort worldwide to reduce interest rates.

In addition, as a result of these turbulent market conditions, credit and mortgage insurance conditions have tightened.

To make sure our accredited brokers are better positioned to compete in this changing marketplace, and to provide a real competitive alternative and extra choice for borrowers, FirstMac is fighting back!

To provide you with greater opportunity to compete in these changing times, we have pleasure in announcing the first phase in the launch of our new home loan — FightBack.

FightBack is a fully featured home loan designed to appeal to home buyers and property investors. It’s also ideal for borrowers wishing to refinance an existing property.

A snapshot of features includes…

FightBack premium fixed
· 3.99% 12 month introductory fixed rate (reverting to standard variable)

· FullDoc only

· Max LVR 80%

· Max loan amount $750K

· 100% redraw offset

· Unlimited redraws at no cost

· Fully transactional with Visa debit card

· FirstMac pays mortgage insurance

· No ongoing monthly or annual fees

Rolls to 'standard variable'

By what definition of 'standard variable'?

 

[Peter_Tersteeg]

I saw that one earlier today. Investigate further is all I'll say...

 

[Stella]

Got a bulk email today from my previous mb (first time I have seen him promote someone other than Westpac) ending with a 'can you afford not to change to this product' line at the end - he seems keen?

Cheers
Stella

 

[nonrecourse]

Got a bulk email today from my previous mb (first time I have seen him promote someone other than Westpac) ending with a 'can you afford not to change to this product' line at the end - he seems keen?

Cheers
Stella

It would be interesting to see what his trailing fee is

 

[Rolf Latham]

Probably this sort of comm mix, slightly better than most mainstreams depending on ur volumes and quality



Upfront — 0.70%

· Trail year 1 — 0%

· Trail year 2 ongoing — 0.15%





I suspect in the current environment, most brokers will do "anything" to whip up some interest.

ta
rolf

 

[Stella]

It would be interesting to see what his trailing fee is

Funny - that was my first thought too - sad when one loss faith in their mb. Time to move on.

Cheers
Stella