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Self-employed borrowers could potentially save “thousands of dollars” with a new loan product.
Better Mortgage Management (BMM) released its Flexi Ultimate Alt Doc loan yesterday, which allows self-employed customers to borrow up to $2 million with a maximum LVR of 80 per cent.
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The Flexi Ultimate Alt Doc provides a starting rate of 5.39 per cent, with no risk fees or LMI applicable for loans with an LVR of up to 70 per cent.
The product also allows self-employed borrowers to access prime interest rates even if they have not completed their most recent year’s financials.
Borrowers only need to supply two of either their BAS, trading statements or a letter from their accountant.
The Flexi Ultimate Alt Doc also allows borrowers to access unlimited equity or cash from their properties for personal or investment use.
Better Mortgage Management said the product’s options and rates meant it could potentially save borrowers “thousands of dollars”.
National sales manager Murray Jones said confidence was returning to small and medium-size businesses.
“New funding has allowed BMM to push the alt-doc market towards providing flexible product options with competitive pricing for this important and re-emerging market segment,” he said.
“There are many reasons why businesses don’t have their most recent financials finalised, but this doesn’t mean that they aren’t strong, legitimate businesses.”
