Adelaide Bank has announced a 75 basis point reduction in new loan variable and fixed rates on its SmartSuite commercial loan range.
In addition, the bank will halve the application fee for its low doc and simple doc products from 1.0 per cent to 0.5 per cent of the loan amount.
Damian Percy, general manager of third party lending, said the move is a result of a recent review of the bank’s commercial offering.
“We introduced our commercial products a few years ago now and we hadn’t reviewed our pricing structures for some time,” he said. “We’re pretty confident the reductions will make an already compelling offer even more so.”
Mr Percy added that the bank’s commercial offering shows Adelaide is firmly committed to the broker channel.
“We designed the [commercial] products specifically for the broker market, which is why they have the look, feel and structure of a standard residential mortgage.”
Mr Percy also announced the bank has appointed a new commercial development manager, Colin Edwards, to assist brokers further.
“Our new CDM can assist brokers with enquiries and help streamline the lending process at a national level,” he said.
“Adelaide Bank’s revitalised pricing model, ready access to support teams, improved processes and popular loan terms of up to 25 years with no annual reviews should make for some even busier brokers in coming months, particularly as business confidence continues to pick up,” Mr Percy said.