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One bank with a “strong appetite for growth” has announced cuts of 50 basis points to its fixed and variable rates.
Adelaide Bank has reduced its commercial SmartSuite variable rates by 50 basis points. The change applies to new business for full-doc and simple-doc loans.
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The bank has also made cuts of up to 50 basis points on its fixed-rate options for all commercial products, with the full-doc one-year fixed rate now priced at 5.04 per cent.
All Smartsuite products have loan terms up to 25 years with no annual reviews.
Adelaide Bank’s senior manager of broker distribution, Fons Caminiti, said the rate cuts reflected the bank’s strong appetite for growth in both commercial and residential lending.
"Our commercial property product offering is an exclusive broker offering which has the look, feel and structure of a standard residential mortgage,” he said.
Mr Caminiti said Adelaide Bank’s commercial offering is a good example of the bank’s broker-centric thinking.
“Our lending products are designed to be simple to explain, understand and execute, have a reliable and effective process and, most importantly, be affordable for brokers and their clients.”
[Related: Adelaide Bank share price surges]
