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ISCOVER
Jessica Darnbrough
In a move that will boost competition in the commercial lending space, leading white label funder Sintex has unveiled a new fixed rate promotion.
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The non-bank lender slashed its 1 year fixed rate product to sit at 8.25 per cent for new loans with a 70 per cent LVR.
Speaking about the promotion, Sintex general manager Cathy Dimarchos told The Adviser that the fixed rate promotion also includes a maximum cap on the trail of 25 basis points.
“We built the trail into the product in a bid to give the end customer the most competitive rate possible. It is something new we are trialling at the moment, and all early indications are that is being well received by both our clients and their customers,” Ms Dimarchos said.
“At the end of the day, we are all about providing the best deal to the customer, and this new promotion helps us achieve just that.”
Ms Dimarchos said competition was strong in the mortgage industry at the moment, with many lenders vying for extra market share.
“It’s very competitive out there, which is great news for the end customer. I am incredibly bullish about the future and hopeful that the non-bank sector can continue to perform strongly moving forward,” she said.
“Customers are crying out for good service and the non-bank sector can provide just that. So I think we will start to see more and customers using non-bank lenders and their products.”
