Prime Capital announces double rate cut

Prime Capital cut rates on its commercial lending products by 50 bps, effectively immediately.

Now, business loans start from 7.24 per cent per annum with LVRs increased to 80 per cent.

Also announced was a bonus discount for eligible brokers.

A limited-time discount of a further 25-bp cut is available for brokers who submit deals via the Prime Approve platform.

Prime Capital’s CEO Steve Sampson said that while the RBA decision often focuses on consumer lending, business can be left out of the conversation.

“Businesses have done it tough since COVID, and brokers know firsthand the challenges their clients still face,” said Sampson.

“While the RBA’s focus is often consumer-led, we believe it’s time to back Australian businesses, and we’re doing that with sharper rates, faster approvals and bigger funding options.”

This latest announcement comes off the back of the Business Jumbo Loan that the lender announced in February.

Rates on this specialised loan now start at 8.14 per cent per annum.

“The RBA might focus on consumers – but we’re backing small business. We’ve worked closely with our funders to secure better pricing, and we’re passing those savings directly to borrowers,” said Sampson.

[Related: Prime Capital unveils new business loan]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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