Non-major lender Adelaide Bank has announced an interest rate cut for its commercial lending products.
The non-major announced late last week a range of cuts for all one year fixed rate loans under its SmartSuite Commercial range of products.
The cut means full doc one year fixed rate loans will see interest rates fall by 0.35%, as will interest rates on a simple (lease) doc one year fixed rate loan.
Interest rates on a lo doc one year fixed rate loan will be reduced by 0.3%.
“Our best fixed rate will become 4.44% for the one year term, full doc loan [with an LVR of less than 65%], which is a pretty keen rate in what is currently a very active commercial property market,” Adelaide Bank senior manager of broker distribution Fons Caminiti said.
Caminiti said the rate cut was part of Adelaide Bank’s commitment to offering value-for-money lending and that the non-major lender’s products come with further benefits outside of their low rates.
“In a competitive lending environment, business operators and commercial property investors are, like residential borrowers, increasingly turning to brokers,” he said.
“Our SmartSuite Commercial products are easy to navigate and understand, primarily because they're designed with residential brokers in mind. We are finding that a growing number of residential brokers are choosing to broaden their offering to customers and diversifying into commercial lending.”