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Staff Reporter
One of Australia’s non-major lenders has announced some “significant enhancements” to its commercial offering.
According to a statement from ING DIRECT, from February 4, the lender will offer LVR-based interest rates for its commercial loans.
As a result, commercial borrowers with an LVR less than 60 per cent will be eligible for a more competitive interest rate.
At present, customers with combined ING DIRECT commercial borrowings of $750,000 or more are eligible for a variable interest rate of 6.28 per cent.
In addition to its LVR-based pricing, ING DIRECT will increase the maximum commercial loan amount from $2 million to $3 million; replace the standard 0.25 per cent commercial fee with a flat application fee of $1,000; and improve service levels for commercial property valuations.
“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’s head of third party distribution, Mark Woolnough, said.
“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.”
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