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Jessica Darnbrough
One non-bank lender has thrown down the gauntlet to its commercial lending peers, cutting 20 basis points from its SmartSuite Commercial Variable interest rate.
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Effective from today, Australian First Mortgage will reduce the variable rate on a commercial loan with an LVR of less than 65 per cent to 7.89 per cent.
In addition, the lender will cut the interest on its one year fixed rate product to just 6.64 per cent.
Commenting on the rate reduction, AFM director Iain Forbes said the lender is “determined to pass on every rate reduction to our borrowers.”
“This reduction in interest rate will be applicable for new and existing business,” he said.
“Commercial tenants are urged to consider buying their own property rather than paying rent. There is no guarantee that a tenants lease will be extended on expiry. If you do have to move, consider the hassles of moving – the cost to re-locate can be quite expensive when you consider new signage, telephone, IT connections, moving costs, printing and stationary.”
