In a bid to increase their competitive stance in the commercial mortgage space, Liberty Financial yesterday announced it will increase the maximum LVR for its prime full doc loans to 80 per cent.
Effective immediately, the new commercial LVR limits will help Liberty drive competition and support struggling small businesses.
“At a time when small business is hurting, other lenders continue winding back LVR’s and commissions. We’re intent on doing the opposite by providing vital support to small business whilst stimulating competition in the broker channel,” Liberty Financial group sales manager Bob Turnbull said.
“With rates starting at 7.95 per cent we’re confident this will drive competition in the bank-dominated space and that means more choice and better outcomes for our business partners and our customers.”
However, Liberty is not content to stop here. The finance group’s chief operating officer James Boyle told The Adviser that the mortgage market could expect to hear similar announcements regarding Liberty’s range of products in the immediate future.
“While our commercial product now represents one of the broadest solution sets available from mainstream lenders, we ideally want to drive competition across the board. We want to give our customers more options, which will result in more business for brokers,” Mr Boyle said.
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