Adelaide Bank adds to competitive picture with reduced rates, enhanced service on Commercial property loans.
Wednesday 6th November 2013
Adelaide Bank today announced a reduction in new loan variable and fixed rates on its broker-exclusive Smartsuite Commercial range by 75bp and is to halve the application fee on its Low Doc and Simple Doc products from 1.00 per cent to 0.50 per cent of the loan amount.
General Manager of Third Party Lending, Damian Percy, said 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 now 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.”
Mr Percy said that the Bank’s Commercial offering was 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.
“In addition to our rate reduction, I have appointed Colin Edwards as our new, dedicated, specialist Commercial Development Manager. Our new CDM can assist brokers with inquiries and help streamline the lending process at a national level.
“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”, Mr Percy concluded.