Homeloans Ltd has launched a new product aimed at borrowers who might ordinarily fall outside mortgage insurance and banking guidelines.
Greg Mitchell, Homeloans’ general manager for sales, said the product is designed to open up another opportunity for home buyers with limited or no savings to get into the property market.
“The Homeloans Accelerate Prime gives brokers the ease to go down a different track, and opens up channels for those borrowers who might have ordinarily struggled to secure a loan for various reasons,” Mr Mitchell said.
“If a customer is unsuitable for the Prime product, brokers can offer this alternative specialist option. It provides that added layer of solutions,” he said.
Key features of the Homeloans Accelerate Prime include:
- No lender's mortgage insurance up to 95 per cent
- Non-genuine savings to 95 per cent
- No credit scoring
- Non-financial defaults under $500 ignored
- Variable rate starting at 4.95 per cent per annum (comparison rate 5.16 per cent per annum)
- Internet banking available to all customers
- Option to obtain cash out up to 90 per cent LVR
The product is also available as a lo doc loan (to 80 per cent LVR).