An ASX-listed mortgage provider has launched a new home loan product suitable both for PAYG and self-employed borrowers.
Non-bank lender Homeloans Ltd this week unveiled its latest near-prime loan – the Homeloans Envizion.
Homeloans’ general manager for national sales, Ray Hair, said the Envizion is equally suited both to PAYG and to self-employed borrowers seeking a loan where the borrower is considered on his or her merits rather than based on their credit score.
“With Envizion, we are offering a niche product that will benefit borrowers who may not meet standard credit scoring models and those with loan purposes such as cash out or debt consolidation,” Mr Hair said.
“Like many of the products we offer, it’s not a ‘one size fits all’ loan. We understand that everyone’s circumstances and needs are different. It’s why we have tailored this product for a common sense credit assessment approach, allowing for a flexible, responsive and simple lending solution,” he said.
The Homeloans Envizion has a number of variations based on varying levels of credit impairment including mortgage arrears, defaults, judgements, writs, summons and bankruptcy.
The near-prime loan is available for a range of purposes including unlimited cash out, ATO debts and business purposes. The Envizion also includes a commercial option.
“We pride ourselves on our comprehensive product range across prime, lo doc and specialty scenarios – and this is just another example of our ability to be agile and meet market needs,” Mr Hair said.
In December, Homeloans Ltd launched its Accelerate Red Construction loan, which removed the need for credit scoring and allowed greater flexibility with applicants’ credit histories.
[Related: Listed lender launches innovative product]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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