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One of Australia’s leading non-bank lenders has launched a new high LVR product with no LMI, no credit scoring and no genuine savings needed.
The Alternate Prime PLUS is part of Australian First Mortgage’s basic home loan range, allowing for up to 95 per cent LVR for loan amounts of $650,000, with variable interest rates between 5.3 and 5.6 per cent depending on LVR.
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“In the battle for brokers' business, AFM has upped the ante again,” said joint managing director David White.
“We pride ourselves on providing our brokers with the most competitive products and urge them to take full advantage of this fantastic home loan,” he said.
Mr White claims the stand-out feature, self-insurance, will help brokers obtain loan approvals without the need to adhere to the mortgage insurer’s tight credit scoring and underwriting policies.
However, despite the seemingly low standard for applying, Mr White assured The Adviser that lending standards will not be compromised.
“At AFM there’s a very serious credit process, including thorough employment history checks et cetera, so we’re not just giving this away,” he said.
Mr White even claimed to support announcments from both APRA and the RBA on maintaining high lending standards.
“We’re not just ticking boxes and having a computer spit out a result for us, we’re going back to good old fashioned credit processing and still maintaining the five C’s of credit."
The news comes as AFM undergoes a massive growth spurt, with three new appointments to its management team.
With 18 years’ experience, Quentin Urquhart has been appointed to the position of national credit manager based in Sydney.
Also in Syndey, Tim Neary has been appointed as manager of marketing and communications. Tim has 12 years’ experience, both as a BDM, with various lenders including Citibank in his native South Africa, and as an editor and journalist with several industry publications.
Based in Adelaide, Milenko Novakovic takes up the role of acting state sales manager for South Australia. Mr Novakovic has 15 years’ industry experience and has previously worked at HSBC.
Joint managing director Tanya White said the appointments will assist AFM in offering the best service to their broker partners.
“These new recruits will ensure our business continues to service the needs of our brokers and their customers in the way that they have become used to from AFM.”
“The appointments are underpinned by AFM’s growth, and demonstrate our commitment to the future of the industry. Since its inception 10 years' ago, AFM has enjoyed significant growth, and it continues to do so,” Ms White said.
