Think Tank Property Finance has become the first lender to lower its interest rates, electing to do so even before the RBA’s official decision was announced yesterday afternoon.
The independent commercial lender has reduced its variable rates by up to 0.85%, with full-doc pricing starting at 6.15%.
Think Tank CEO, Jonathan Street, says the group has recently managed to ‘substantially increase’ their funding programs, which has allowed them to re-examine their overall pricing.
“We’ve done this in context with our targeted lending volumes. With improved funding conditions emerging more broadly across the market, we have been able to substantially reduce our rates across the board which is a great thing to be able to do for our SME borrowers”.
The rate reductions apply on all Full, Lite and Quick Doc loans approved from this week onwards.
Following a year characterised by subdued demand for credit in the commercial sector, Street says Think Tank have begun to see encouraging signs of increasing activity from both investors and owner-occupiers.
“Lower interest rates have traditionally played a major role in re-stimulating demand and we are pleased to be able to add to that impetus with our rate change announcement today.”