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ISCOVER
Jessica Darnbrough
In a further sign that funding for the self-employed sector is opening up further, Mortgage EZY has cut 20 basis points from the variable rate on its Low Doc Solutions products, taking it to 6.89 per cent.
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The company’s chief executive officer said self-employed borrowers had been penalised by the Global Financial Crisis for too long.
“In reality, the risk dynamic for us is no worse than a full doc loan,” Mr Driscoll said.
Mortgage EZY has considerably beefed up its low doc product range in recent weeks with several policy enhancements.
Under the company’s multi option low doc platform borrowers can secure LVRs of up to 80 per cent without BAS on purchases with very flexible cash out options at lower LVRs.
Mr Driscoll said the policy enhancements combined with the 20 basis point rate cut would help Mortgage EZY establish its dominance in the low doc market.
“The distinct lack of price point competition in low docs has helped one or two bank brands become very successful, however with policies continuously being enhanced by mortgage managers, I suspect this market monopolisation will rapidly disappear before the end of 2010,” Mr Driscoll said
