In a bid to enhance its competitive position in the mortgage space, Homeloans Ltd has unveiled a new distinctive loan.
The Accelerate, which is available as either full doc or low doc, boasts no limit on debt consolidation and no Lenders Mortgage Insurance on loans up to 90 per cent.
In addition, Homeloans’ general manager third party distribution Tony Carn said the borrowers could still obtain the product even with credit and minor defaults provided they were longer than 12 months ago.
Furthermore, the product is available to self-employed borrowers with 12 month ABN registration or six month GST registration.
“Brokers often discover that the profile of their client’s application fails to meet the policy requirements of the lender. This may involve multiple credit enquiries, previous credit defaults, arrears or a whole range of contributing factors. The new Accelerate loan provides a clear solution for such scenarios,” Mr Carn said.
“Traditionally, lenders offer a simple product suite with a single credit policy sitting behind it which enables a lender to say either yes or no to an application. At Homeloans, we are empowered to find the most suitable and competitive solution to cater to a far broader range of applicants.”
Homeloans has been piloting the Accelerate loan for the past month and, according to Mr Carn, the product has already received a lot of positive feedback from brokers who now are able to place their applicant with a mainstream home loan provider.