In contrast to market conditions that point to upward rate movements, Liberty Financial will today drop rates on all of its residential loan products.
The non-bank lender believes that the move will help inject competition into a market that is currently dominated by the big four banks.
“We are committed to offering real alternatives to business partners and customers,” Liberty Financial general manager of personal business Kendall Mahnken said.
“We are sharpening the pricing across the board for our residential loan products reflecting the recent run of positive economic data.
“With changes in all products and at all risk grades, our loans will continue to have the broadest solution set with some of the most competitive prices available.”
And according to Ms Mahnken, today’s announcement is just the first of a number of initiatives from the non-bank lender.
“Liberty will announce further product enhancements over the next few weeks, covering all aspects of our residential loans,” Ms Mahnken said.