Australian First Mortgage has launched a new full-doc product in response to the “overwhelming growth in demand”.
The Value Option product will enable homebuyers to borrow funds when purchasing an investment property, a home to live in or when refinancing their existing mortgage, according to AFM.
Available from 7 April, the new product range has a maximum loan size of $1 million, an LVR of 90 per cent inclusive of LMI, and boasts a fully functional offset account.
“We have experienced rapid growth in demand for our full-doc products, and as such have created one with a low interest rate and a raft of innovative features,” AFM managing director David White said.
“It allows us to provide solutions to our broker network based on their customers’ unique needs, in particular an excellent SMSF product catering for all types of SMSF requirements.”
Along with an SMSF choice, the Value Option product range also comes with NRAS (National Rental Affordability Scheme) and construction alternatives.
Mr White noted that AFM plans to maximise its opportunities in the prime lending space and work closely with its broker network to provide more products and support.
[Related: Credit specialist launches new loan product]