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ISCOVER
By: Staff Reporter
National Mortgage Company has today launched a new product targeting borrowers with low deposits.
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The new Smart Start loan works by charging clients borrowing between 80 and 90 per cent LVR a reduced equity fee - rather than mortgage insurance.
Fernando Lemos, National Mortgage Company's head of sales, said the fee would be substantially lower than traditional mortgage insurance premiums, in some cases resulting in savings of more than $2,000.
According to Mr Lemos the product will also offer speedier approval times for borrowers because of the removal of a third party from the assessment process.
The Smart Start loan is available to both owner occupiers and investors as of today.
