Rate Money's 'Easy Doc One Year' product will also see rate reductions, now starting at 6.09% per annum. Additionally, the lender has removed interest-only loading on investment loans, offering further financial relief to borrowers looking to expand their portfolios without additional cost burdens.
These changes come at a time when small and medium-sized enterprises (SMEs) are facing mounting financial pressures due to rising operational costs. A recent study revealed that 89% of SMEs have experienced increased costs over the past year, driven by higher utility bills, supplier expenses, and marketing outlays. On average, business costs have risen by 10%, with 40% of businesses reporting even higher increases.
For self-employed individuals, accessing financing can often be challenging, especially when traditional banks are hesitant to lend to those without a consistent paycheck. Rate Money's latest initiative aims to bridge this gap by offering flexible lending products tailored to the unique needs of self-employed borrowers.
As the lending market becomes increasingly competitive, such rate reductions and product enhancements provide valuable opportunities for self-employed Australians to secure financing that supports their business growth and financial stability.
