Product changes include higher LVRs, expanded non-resident access, and lower rates
Non-bank lender ORDE Financial has rolled out a series of updates to its residential and commercial loan products, aimed at giving brokers and borrowers more flexibility as the property market momentum builds.
ORDE has lifted its residential loan limit to $3 million for prime borrowers, capped at 80% loan-to-value ratio (LVR). This pricing now applies to loans previously only eligible under its premium Prestige range, offering a rate reduction of up to 120 basis points (bps).
The residential product range supports both pay as you go (PAYG) and self-employed applicants and covers a wide range of purposes including property purchases, refinancing, land acquisitions, debt consolidation and cash out.
Construction loans under the residential program have also been expanded, now available up to $2.5 million with an 80% LVR. The lender has additionally revised rates for non-resident borrowers, reducing interest by as much as 85bps. The list of eligible countries has been extended to include Australia, Canada, China, France, Germany, Hong Kong, Indonesia, Japan, Malaysia, New Zealand, Singapore, Switzerland, the United Kingdom and the United States.
In the commercial space, ORDE has boosted the maximum loan amount to $3 million. For selected areas in Sydney, Melbourne and Brisbane, the maximum LVR has been raised to 80%. These adjustments also apply to its self-managed super fund (SMSF) commercial loan products.
Interest rates have been lowered by 25bps for Alt Doc commercial loans where the LVR is 75% or less. SMSF commercial loans at the same LVR tier have been reduced by 20bps. ORDE is also waiving application fees on all SMSF residential loans and on commercial loans with an LVR below 65%.
The changes come amid forecasts that suggest residential property values will continue rising. Major banks are also anticipating rate cuts this month, further fuelling confidence in both residential and commercial real estate sectors.
“These changes reflect our commitment to continuously broadening our product offer to give brokers and borrowers the flexibility and value they need to seize emerging opportunities,” said Ryan Harkness (pictured above), managing director at ORDE Financial. “By enhancing both our residential and commercial products, we’re making it easier for brokers to support their clients with higher borrowing capacity and more competitive commercial solutions — particularly as investor interest begins to shift back into the market.”
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