Bank announces rate reduction on broker-exclusive range

by AB07 Nov 2013

Adelaide Bank has announced a reduction in new fixed and variable loan rates on its broker-exclusive Smartsuite Commercial range by 75bp - and has halved the application fee on its Low Doc and Simple Doc products from 1% to 0.5% of the loan amount. 

Damian Percy, the bank’s general manager of third party lending, says the move is as the result of a recent review of the bank’s commercial offering.

“We introduced our commercial products a few years ago and we hadn’t reviewed our pricing structures for some time. We’re pretty confident the reductions will make an already compelling offer even more so.”

Percy says the bank’s commercial offering is a good example of the ‘broker-centric thinking’ that underpins the Adelaide Bank approach. All SmartSuite products have a 25-year term, no annual reviews and a simple pricing structure.

 “It was our view that a simple commercial product for the SME space was a logical fit in our range. We designed the products specifically for the broker market which is why they have the look, feel and structure of a standard residential mortgage,” he says.

Percy has also announced the appointment of Colin Edwards as Adelaide Bank’s new, dedicated, specialist commercial development manager.

“Adelaide Bank’s revitalised pricing model, ready access to support teams, improved processes and popular loan terms of up to 25 years with no annual reviews should make for some even busier brokers in coming months, particularly as business confidence continues to pick up.”