A new lender has entered the residential mortgage market, with some of the lowest rates on offer.
ICS Mortgages has a three year fixed rates starting a 2.55%.
The non-bank lender - which is owned by Dilosk - aims to control 15% of the broker market in the short term.
Dilosk CEO Fergal McGrath says he doesn't believe their presence will upset the banks:
"I don't think we need to be overly dramatic about citing a 'mortgage war'.
"It's a bigger market, there are more players in the market. We have modest expectations in terms of market share and we believe we can grow a long-term sustainable business."
Asset management firm Davy Research says ICS Mortgages' entry into the market was expected - but the competitive rates not so much.
"The entry of ICS Mortgages into the owner-occupied mortgage market was expected, but its pricing is somewhat more competitive than anticipated and we would therefore expect this to generate some incremental pressure on new mortgage pricing across the market from current levels," they said.