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A new loan product has been launched by non-bank lender Uptain to support temporary residents in property purchases.
Non-bank lender Uptain has launched a new loan solution that aims to help temporary residents secure a home loan.
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The Vital Pathway loan solution is a visa-specific product designed exclusively for temporary residents earning Australian income.
The product supports various visa categories, including skilled workers, sponsored employees, and those on temporary partner visas.
Applicants for the Vital Pathway must still obtain Foreign Investment Review Board approval before purchasing property, as required.
According to Uptain, the Vital Pathway solution has been developed to support borrowers who earn a stable Australian income, but are unable to access finance from traditional lenders because of their visa status.
The lender said the offering aims to help temporary residents move forward on their home ownership or investment journey and support their pathway towards permanent residency.
The non-bank said that the barriers facing temporary residents when trying to access finance for property purchases “limits their options and opportunities, keeping them from advancing in their financial journey”.
As such, Linda Leong, the head of sales and distribution at Uptain, said that the new offering wasn’t just about providing a loan, but about giving temporary residents “an equitable chance to achieve their goals”.
She said: “This product is about more than just access to finance. It’s about fairness – giving temporary residents the opportunity to invest in their future, whether that’s through home ownership or stepping into the investment market.
“More importantly, we’ve aligned this product to help them as they work toward securing permanent residency in Australia.”
Leong said that the new offering would add another string to a broker’s bow when it comes to finding solutions for their clients.
“Brokers who collaborate with us can expand their portfolio and cater to clients from a wide range of cultural and financial backgrounds,” she said.
“It’s an opportunity for brokers to differentiate themselves by offering a solution that other lenders may overlook.”
Uptain first launched into market in 2023 and is a portfolio company of credit and property fund manager Mountain Asset Management, but also partners with wholesale funders to provide residential and commercial property-backed loans.
The Melbourne-based lender launched into the broker channel to distribute its residential, commercial, self-managed super fund (SMSF) loans, and construction loans for business owners and expats.
These include owner-occupied and investor property mortgages of up to $2 million for residents and $1.5 million for non-residents/self-employed borrowers and SMSF loans of between $50,000 and $2.5 million.
It utilises artificial intelligence (AI) to “streamline and optimise the borrowing experience for clients”, including by matching borrowers with loans and assisting clients with loans after they have received Foreign Investment Review Board approval.
It has been growing its aggregator partnerships in the last few months, having joined the lender panel of Custom Equity Group and Finsure.
[Related: New non-bank lender opens its doors]
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