Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Regional bank slashes rates

ratecut ratecut
Francesca Krakue 4 minute read

A non-major lender has announced it will cut interest rates across its commercial product range. 

Adelaide Bank, the intermediary lending business of Bendigo and Adelaide Bank Limited, announced today it will cut interest rates across its SmartSuite Commercial product range.

The interest rate decrease will apply to the bank’s SmartSuite commercial products for all one-year fixed rate loans. Effective Monday 5 September 2016, the rates for one-year fixed rate full doc and simple (lease) doc loans will fall by 0.35 per cent and lo doc by 0.30 per cent.

Senior manager of broker distribution Fons Caminiti explained that the bank’s best fixed rate will become 4.44 per cent for the one-year term, full doc loan (with LVR of less than 65 per cent).

Advertisement
Advertisement

“[It’s] a pretty keen rate in what is currently a very active commercial property market,” Mr Caminiti remarked.

“Adelaide Bank is pleased to be following through with our long-term commitment to deliver well-designed, value-for-money lending solutions and reduce rates where possible,” he said.

“In a competitive lending environment, business operators and commercial property investors are, like residential borrowers, increasingly turning to brokers.”

Mr Caminiti added that the bank’s commercial products are “easy to navigate and understand” because they are designed with residential brokers in mind.

“We are finding that a growing number of residential brokers are choosing to broaden their offering to customers and diversifying into commercial lending.”

PROMOTED CONTENT


[Related: Adelaide Bank fails to pass on full RBA rate cut]

Regional bank slashes rates
ratecut
TheAdviser logo

ratecut

 

more from the adviser
Alex Brgudac Prospa head of partnerships sets up consultancy business

Alex Brgudac, the head of partnerships at SME lender Prospa, is t...

mortgage payments money FBAA flags home ownership scheme risks

The association has warned brokers about the risks of home owners...

Karlee Butcher Former Westpac banking manager joins AFG

AFG has welcomed a former Westpac business banking manager to its...