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Published in Company on 21 October 2024
Monday 21 October 2024 - Australian non-bank lender has announced numerous pricing changes to its Residential and Commercial products, including SMSF products. These changes are designed to benefit both brokers and their customers.
Solutions to Support SMSF Opportunities
Changes to ORDE’s SMSF products include no application fee on all SMSF Commercial Prime applications before 31 December 2024, plus reduced rates on its SMSF Commercial Prime product across all LVR bands.
More broadly, it has removed the current Interest Only loading on SMSF Commercial and is waiving the application fee loading on SMSF Residential loans above $750,000.
SMSF lending has been a growing opportunity for brokers. ATO reporting shows that the total number of self-managed super funds increased by over 27,000 from June 2023 to June 2024.
Within the same period, the value of commercial property held within Australian SMSFs increased by 18% from $92.5 billion to $109 billion, highlighting a strong growth in this asset category.
“ORDE is always looking to give brokers what they need to make the most of opportunities, better service their customers and grow their businesses, which is why we’re pleased to be offering these changes across our SMSF products,” comments Lee Prior, Director of Distribution at ORDE.
He also notes that the changes will help brokers to support existing SMSF borrowers find a long-term solution, considering the number of lenders who have withdrawn support for SMSF lending and placed their SMSF portfolios into runoff.
“These new updates work alongside ORDE’s existing product features, such as our 30-year loan terms with no annual reviews or ongoing fees, to provide brokers with the long-term SMSF solutions they’ve been searching for.”
Solutions to Better Service Alt Doc Customers
ORDE has also made changes to its Residential product, which were effective from 15 October. These changes primarily cater for brokers with customers requiring Alt Doc income verification when borrowing to purchase or refinance a residential property, such as self-employed and SME borrowers.
These changes include:
· Reduced rates for Residential Prime Alt Doc loans, across all LVR bands
· Waived application fee loading for all Residential Alt Doc loans ≥ $1.75m
· Waived interest rate loading for all Residential Alt Doc loans ≥ $1.75m
· Waived investment property interest rate loading for all Residential Alt Doc loans submitted before 30 November 2024
Additionally, ORDE has increased the maximum loan size for its Residential Prime, Near Prime & Near Prime+ products. Loans up to $2.5m may now be eligible for ORDE’s standard Residential rates.
ORDE’s Prestige product continues to be available for residential property loans between $2.5m and $5m.
“Reach out to an ORDE BDM today, especially to make the most of our limited time offers,” suggests Prior. “We have an exceptionally capable team with extensive experience in delivering non-bank solutions, ready to support you across all opportunities, at all stages of a deal.”