Non-bank mortgage provider Resimac has announced a range of simplifications to its specialist loan applications, including grouping multiple credit checks for single events to make applying for a mortgage easier.
One of the major changes announced this week involves simplifying the listings of multiple credit bureau listings for a “single credit event” where applicable.
According to Resimac: “A single credit event can consist of multiple credit bureau listings, provided the borrower can demonstrate that all listings were caused by that single event and the period over which the listings were reported does not exceed six months.”
Resimac further announced that, effective immediately, it would ignore all defaults, writs or summons to a borrower’s name that:
The lender is also streamlining the way it treats borrowers with current or previous bankruptcies under its Resimac Specialist product range.
Where a Part IX or X bankruptcy was evident on a borrower’s credit bureau report, the following product classifications now apply:
In addition, the non-bank lender announced that it will offer single-security specialist loans up to $2.5 million, as its business lines streamline under the single Resimac brand.
Previously, these loans were considered on a case-by-case basis, but the lender has now made these standard policy for borrowers in Category A locations, with an LVR of up to 65 per cent, both full-doc and alt-doc.
Resimac’s general manager of third party distribution, Daniel Carde, commented: “Resimac serves a diverse range of borrowers and is working hard to make sure our broker partners have competitive, easy to understand Resimac products with a simple application process for all their customers.”
Following on from the merger of the Homeloans and RESIMAC Limited into a single brand, Resimac, the lender has announced a range of changes to mortgage offerings to eradicate any inconsistencies and inaccessibility for customers. This includes updating the maximum loan amounts for the Resimac Specialist product range.
[Related: Resimac announces new leadership structure]
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