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ISCOVER
Staff Reporter
Wholesale lender Advantedge has injected a much needed boost into the low doc lending market with the launch of a new low doc loan.
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The Advantedge Self-Employed Lite Program, which will be offered via the wholesale lender’s mortgage manager partners, removes the need for LMI payments by the borrower between 60 and 70 per cent LVR, as well as the need for 6 month BAS statements.
Brett Halliwell, Advantedge general manager of lending distribution, said the new product would empower mortgage managers to service a market segment that has been neglected by lenders in recent years.
“We’ve been working hard on bringing this product to market so that our mortgage manager partners can reinvigorate their lending to the self-employed sector – which has been a traditional target market for the non-banks,” he said.
“This is a product that is much needed across Australia’s self-employed sector and I’d expect our partners to see strong demand among their clients.”
Iain Forbes, director of sales and marketing at Australian First Mortgage, one of Advantedge’s mortgage manager partners, welcomed the product launch.
According to Mr Forbes, the Self-Employed Lite Program offers renewed scope to engage clients who have been frustrated by their funding choices over the last 18 to 24 months.
“We’ll move quickly to reconnect with self-employed clients that have been effectively left high and dry since the start of the global financial crisis,” he said.
The Self-Employed Lite Program will be available as of Monday 13 September.
