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Interest rate increases

Tue, 2008-04-29 15:07 — Broker

29 April 2008

Important changes from FirstMac

Interest rate increases

Due to continued deterioration in global credit markets and pressure on the cost of funds, FirstMac has had to adjust its interest rates. While FirstMac has passed on rate increases over recent months to help recover higher wholesale funding costs, FirstMac are continuing to monitor the situation to ensure the longer term viability of their busines.

1. Existing borrower rates

Effective Monday 5 May 2008, interest rates for existing portfolios (excluding former HSBC borrowers) will increase by 0.10 percent for long term or 0.18 percent for short term funded loans.

Where borrowers have loans in both long and short term funding, the lower long term funding rate will be automatically applied across all of their loans.

Existing portfolio repayment increases will be effective from Monday 26 May 2008 and borrowers will be advised accordingly.

2. New business rates

Effective Wednesday 30 April 2008 interest rates for any new business (excluding HomeRun08) due to settle will increase by 0.23 percent. Any loans currently in the pipeline must be settled by Monday 9 June 2008.

HomeRun08

Effective Wednesday 30 April 2008 interest rates for any new business due to settle will increase by 0.10 percent. Any HomeRun08 loans currently in the pipeline must be settled by Monday 9 June 2008.

3. Additional advances

The interest rate applicable for any additional advances up to $100K will be at the same interest rate as the existing loan. For any additional advances greater than $100K, the interest rate applicable will be the current new business rate.

Contact your finance broker on 02 80024035 for more information




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