The broking franchise has welcomed a new lender to its panel, which specialises in low or no-deposit home loans for tertiary-educated professionals.
Loan Market has announced “low or no-deposit specialist” Granite Home Loans as the latest addition to its lender panel, giving its brokers access to the lender’s high loan-to-value ratio (LVR) home loans for professional tertiary-educated borrowers with limited savings.
Granite Home Loans provides 90-100 per cent LVR home loans to owner-occupier, tertiary-educated “high-earning professionals” with good credit, which waives the need for lender’s mortgage insurance (LMI).
The lender caters to engineers, lawyers, doctors, accountants, finance and IT professionals who have spent years studying, providing them with low or no-deposit home loans if they have “secure jobs of at least three years”.
Loan Market Group chief operating officer Stephen Scahill said the addition of Granite Home Loans to its panel, taking the total number of on-panel lenders to 61, allows brokers to service a broader range of customers.
“We’ve intentionally developed a lender panel where broad-spectrum lenders are available to our brokers, alongside the bespoke,” said Mr Scahill.
“Granite Home Loans allows professionals to harness their educational background and industry qualifications and experience to borrow for an owner-occupied property.
“Granite Home Loans’ approach adds to Loan Market Group’s portfolio of lender specialists, which spans first home buyers to retirees, business owners to investors.”
He continued: “We’ve added Granite Home Loans to our growing panel to ensure our brokers have as many varied and specialist solutions available to them.
“This way, they can serve their customers better, faster and for the long haul.”
Granite Home Loans co-founder and director Bridget Sakr said that saving the deposit was the largest obstacle to home ownership.
“At Granite Home Loans, we’re convinced there’s a huge segment of professionals who should be deemed credit-worthy and can afford to repay a mortgage but get turned away by mainstream lenders because they have no or low deposit,” she said.
“We’ll back professionals with pristine credit records and well-paying, secure jobs of at least three years, up to 100 per cent (of the purchase price) without applying LMI.
“We’re excited to partner with the Loan Market Group team, which likewise appreciates that no two borrowers are the same and have a commitment to unearthing solutions for everyone,” she concluded.
[Related: Loan market expands lender panel]
Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
Australia’s largest home lender has lost ground in the broker c...
Non-major bank Suncorp has announced that it is removing certain ...
With the non-majors set to start offering loans for the governmen...