In a bid to improve broker opportunities in the first home buyer sector, Provident Capital has announced a new 95 per cent LVR owner-occupier home loan as part of its Premium product range.
The new loan, which will be available Monday 23 August, also features LMI capitalisation, a line of credit facility in the form of a $20,000 Visa facility as well as access to a $10,000 unsecured Visa facility.
Provident Capital’s new product launch coincides with the move of several lenders to launch higher LVR lending this week, including Adelaide Bank and Homeloans Ltd.
Steve Sampson, Provident Capital head of lending distribution, said the launch was a positive move towards assisting home buyers.
“It demonstrates Provident Capital’s commitment to our partners in the broker market, and helps homebuyers reach their dream of homeownership,” he said.
According to Mr Sampson, the inclusion of LMI capitalisation on top of the high LVR would particularly benefit first home buyers, while the line of credit facility would give all home buyers peace of mind “when those additional fees associated with buying a home pop up”.
“There is also an ‘unsecured’ Visa facility of $10,000 available to all borrowers,” he said.
Mr Sampson said the lender would still offer a 48 hour conditional approval on its Premium product range or $100 cash, as announced back in July.