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One of Australia’s leading credit specialists has slashed its commercial rates by approximately 1 per cent.
La Trobe Financial announced its new rate as 6.99 per cent, covering all commercial loans up to $2 million.
This follows the specialist’s aim to offer a more competitive interest rate while allowing a more “simplified structure”, which will ultimately make it “easier for brokers to understand".
“We’ve removed the rate tiers on commercial loans to make the product more user-friendly for brokers,” La Trobe’s vice president and head of distribution, Cory Bannister, said.
“This combined with our standard full-doc, lite-doc and lease-doc verification options and no separate accreditation requirements means we have the easiest-to-use commercial product on the market.”
La Trobe also announced an interest rate reduction of 25 basis points to its residential loans.
Meanwhile, non-bank lender Iden Group has reduced its one-, two-, three-, four- and five-year fixed rates by up to 30 basis points.
Barrie Gaubert, director of Iden Group, said the lender's fixed-rate products have an option of a 100 per cent offest account as well as a fuel discount bonus.
"We are always looking at ways to be innovative with our products and we appreciate that fuel is a currency that everyone understands, so we provide clients with an extraordinary fuel discount bonus," he said.
Mr Gaulbert said customers with a minimum loan of $200,000 receive a fuel discount of 10 cents per litre, which can go up to $1 per litre for two years.
[Related: La Trobe increases loan threshold]
