Bespoke Business – Business & Commercial Lending Product Update
Not all lending products are created equal…
In this episode of Bespoke Business we explore the current SME lending offer from our partners at Suncorp Bank. Suncorp have positioned themselves as a genuine alternative to the major banks and they are delivering on this promise.
Their products are simple and effective and their pricing, in relation to interest rates and fees, is very competitive. They are offering 4.29%pa on their variable rate and 3 year fixed rate facilities with no ongoing fees. This is a sharp rate and considering it is available for commercial property, it is definitely worth considering.
The main reason I wanted to share this offering from Suncorp is to help business owners to broaden their horizons when it comes to their lending and banking.
The major banks dominate the SME market when it comes to lending and banking and for good reason. Most company’s need a solid banking platform to help run their businesses. Banking is an essential part of running a business so many business owners approach “their” bank when they are starting out.
This has lead to the major banks getting complacent. The historical lack of competition has resulted in the banks not having to fight too hard for our business and this is often reflected in the high interest rates and fees for business loans.
Things are starting to change as there are more lenders directly competing with the major banks for SME business. Smaller banks, like Suncorp, are keen for business and are pricing accordingly. This competition is fantastic for SME consumers and we are the direct beneficiaries of this competition.
I can’t stress enough the importance of regular reviews of your business loans. There are some great deals out there at the moment and reducing your interest payments is one the easiest and most effective way to improve cash flow for your business.
As always, embrace your power of choice and demand a better deal.