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ORDE Financial has made a range of updates to its lending products in response to market expectations of rising property prices.
Non-bank lender ORDE Financial has announced several changes to its residential and commercial loan products.
ORDE has increased the lending limit on its residential loans to $3 million, available to prime borrowers with a maximum 80 per cent loan-to-value ratio (LVR).
The change means that borrowers can access ORDE’s standard residential prices for loans up to $3 million – a loan size previously only available to its prestige range, effectively providing an interest rate reduction of up to 120 basis points (bps) on applicable loans.
ORDE has also made its residential construction lending product available to a maximum 80 per cent LVR ratio for loans up to $2.5 million, providing more potential funding for borrowers looking to build or make renovations.
Additionally, the lender has introduced "more competitive pricing" for non-resident borrowers, with interest rate reductions of up to 85 bps and an expanded list of eligible countries, including Australia, Canada, China, France, and the UK, among others.
ORDE also increased the maximum loan size for its commercial loans to $3 million and lifted the maximum LVR ratio to 80 per cent for properties in certain Sydney, Melbourne, and Brisbane postcodes. The changes are also applicable to its self-managed super fund (SMSF) commercial product.
Other changes to its commercial loan range include a 25-bp interest rate cut for alt doc commercial loans at the ≤75 per cent LVR tier and 20 bps for SMSF commercial loans at the ≤75 per cent LVR tier.
Application fees will also be waived for all SMSF residential loans and for sub-65 per cent LVR ratio SMSF commercial loans
The product updates are designed to give brokers and borrowers more flexibility, borrowing power, and competitive pricing in response to changing residential property prices and interest rates.
“These changes reflect our commitment to continuously broadening our product offer to give brokers and borrowers the flexibility and value they need to seize emerging opportunities,” said Ryan Harkness, ORDE Financial’s managing director.
“By enhancing both our residential and commercial products, we’re making it easier for brokers to support their clients with higher borrowing capacity and more competitive commercial solutions – particularly as investor interest begins to shift back into the market.”
[Related: ORDE launches Residential Construction loans]
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