Fixed rates head further below 6%

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Fixed rates have continued to fall below the 6% mark, with a non-bank lender announcing cuts to its product suite.

Firstfolio has dropped rates on its two and three-year products to 5.89%. The lender also cut its four and five-year rates to 6.45%. Executive general manager of retail distribution Andrew Clouston said the move came as fixed-rate funding costs continued to ease.

"Firstfolio, through its network of lenders, is in a position to cut rates, and it's only fair we pass these on to our borrowers," Clouston said.

The rates come into effect from today, and will be available with a zero application fee through National Finance Club and the company's online platform, eChoice.

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