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Vivienne Kelly
Brokers looking for opportunities in the New Year, should look no further than the low doc lending landscape, one non-bank lender has claimed.
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Speaking to The Adviser, Liberty Financial’s national sales manager John Monacheff said the low doc lending space and SMSF loans would represent good business opportunities for brokers in 2013.
“I cannot believe brokers are still holding back and not writing low doc products,” he said.
“We want to entice people to become self employed. There are a lot of lenders that do low doc loans, so there are lots and lots of opportunities for brokers to broaden their product range.
“I think there has been a little bit of scare mongering in recent months. It’s a very legitimate market place. If people play by the rules, then there certainly is a very strong place for low doc loans.”
Mr Monacheff said brokers simply need to see low doc loans as a different way of assessing clients.
“Provided brokers look at a client’s bank statements and cash flow and see merit in it, we can lend on that – we don’t have to have their tax returns,” he said.
In addition to low doc lending, Mr Monacheff said he saw a raft of opportunities in the SMSF space, as well as other lending areas including commercial mortgages.
Mr Monacheff said there will always be business opportunities for the brokers who diversify.
“If you sit there and just rely on mortgages and be a mono-line provider, business will be tough,” he said.
“You can’t be a provider or an adviser and only sell mortgages. You’ve got wonderful opportunities to cross-sell car finance, plant and equipment, SMSFs and investment properties and commercial.”
