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ISCOVER
Staff Reporter
One of Australia’s non-bank lenders has announced it will enhance its existing product range in a bid to open its doors to a greater number of borrowers.
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Effective from today, AFM will accept applications as part of the National Rental Affordability Scheme (NRAS).
NRAS is an Australian Government initiative to stimulate the supply of 50,000 new affordable dwellings. Successful applicants are eligible to receive an incentive for each approved dwelling, where they are rented to eligible low and moderate income households at a rate that is at least 20 per cent below the prevailing market rate.
First home loans will be acceptable up to an LVR of 90 per cent, subject to LMI and satisfactory valuation.
Refinances and construction funding is available.
The security property must be leased or managed to an affordable housing consortium approved by AFM, and the lender.
