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).
“[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.”