Login
ISCOVER
Adelaide Bank has announced that it will not accept new applications for its Simple Doc SmartSuite commercial loan, effective immediately.
The bank sent out an update to brokers this week announcing that the Simple Doc commercial product — a lease-doc product for investors with a “simplified assessment and standalone facility” of up to $2 million (with maximum loan-to-value ratio of 65 per cent) — has been temporarily withdrawn.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
An Adelaide Bank spokesperson said: “In the ordinary course of business, we are constantly reviewing our position in the market and, in this case, have decided that it is appropriate to cease new business at this time.
“We will continue to review our position and reassess if we believe it is appropriate to do so.”
The changes apply for new business.
The bank added that it will continue to offer its Full Doc commercial product, which includes loan terms of up to 25 years and LVRs of up to 75 per cent, plus cash out options.
This is the second commercial loan that the bank has withdrawn in the last six months. In July, the bank also withdrew its low doc commercial loan.
[Related: Bank scraps low doc loans]
