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Sintex has cut its variable rates and introduced upfront payments for commercial loans.
General manager Cathy Dimarchos said the non-bank lender has reduced its variable rates by 21 basis points.
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There is no specific variable interest rate, because Sintex works with white-label originators that add their own margins and brokers who have a set rate, she told The Adviser.
Sintex has also introduced an upfront payment of 0.50 per cent for commercial loans.
“We are trying to encourage residential brokers to diversify. We are hoping that by breaking the trend they might be willing to entertain the benefits of diversification,” she said.
Ms Dimarchos also said brokers are keen to work directly with Sintex – rather than opting for a bank or an intermediary – because of its focus on service.
“They have direct access to the decision-makers in our credit team, and with our turnaround times and transparency, this supports their service standards with their client,” she said.
“We will continue to look at product enhancements and release them as they become available, making Sintex a true competitor to the banks.”
[Related: Sintex adds residential arm]
