A non-major has announced new features it says will beef up its commercial lending.
Direct has announced enhancements to its commercial offering, including an LVR-based pricing mechanism. From 4 February, the bank will extend discounts to commercial customers with an LVR of 60% or less.
The bank also announced it would increase its maximum commercial loan amount from $2m to $3m, and replace its 0.25% application fee with a flat fee of $1,000.
"These amendments reflect the huge growth in commercial lending we experienced in 2012 and our continued aspiration to offer diversification to our brokers through competitive commercial lending," ING
Direct head of third party distribution Mark Woolnough
"By understanding what our brokers and customers have been asking for in commercial lending, we’ve made changes which will really embed ING
Direct as a strong presence in commercial lending into 2013."