Resimac targets the self-employed

Additionally, borrowers now have more flexibility when it comes to verifying their income, with the option of either an accountant’s letter, six-month business activity statements or three-month business bank statements to support their declared income.

“There are over two million self-employed people in Australia operating in a variety of industries. This represents a significant opportunity for brokers when you consider that many of these people will at some stage require finance to either purchase a home, consolidate their existing debts or access equity for purposes including business growth,” Allan Savins, Resimac’s chief commercial officer, said.

“Not all of these borrowers will have up-to-date financials and many may be going through a significant growth phase in their business where the most recent financials available are not a true reflection of their current trading conditions. An alt-doc loan is the perfect solution for these borrowers.”

Mr Savins said the self-employed sector has been largely under-serviced since the introduction of the National Credit Code in 2010.

“The regulatory guides don’t prohibit brokers from offering alternative documentation solutions to self-employed borrowers, and whilst Resimac certainly has a comprehensive range of full-documentation solutions, we also haven’t forgotten those self-employed borrowers who may not have their current two-year financial statements prepared,” he said.

[Related: Resimac takes knife to mortgage insurance]