Rate cuts and new product

Rate cuts and new product 

MPA Lender Update is your same-day product information service, bringing together updates from all lenders

RATES
Pepper Money cuts interest rates by 15 basis points across its home loan products for new and existing customers, effective 29 August 2016. 

Pepper Money also cut interest rates by 50 basis points across its prime, alt- doc loan range until 16 September, a promotion that has been available to self-employed broker customers since July 2016. 

Self-employed customers who can take advantage of both cuts, could receive up to 65 basis points cut from their interest rate. 

The Pepper Essential alt-doc standard loan will be discounted by 50 basis points and the Pepper Essential alt doc PLUS loan will be discounted by 25 basis points, so Pepper Essential alt-doc interest rates will now start from 4.04% pa (4.23% pa comparison rate*).
 
Pepper Money also extended its 25 basis point discount on mortgage risk fees for Pepper Easy (near prime) and Pepper Advantage (specialist) loans.

PRODUCTS
FAST partners with Westpac to launch new asset finance solution FAST Xpress, which the aggregator says is the first white label asset finance product to be backed by a major bank.

FAST Xpress offers small-to-medium enterprise (SME) clients a solution with a competitive interest rate for financing cars and light commercial vehicles. It is available for purchases of up to $250,000 for existing Westpac business customers and $150,000 for new-to-bank customers, with 100% funding available. The product also offers FAST brokers fixed income brokerage.

POLICY
No changes today

COMMISSIONS
No changes today

 

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