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Non-bank lender Homeloans has launched a new near-prime home loan product suitable both for PAYG and self-employed borrowers.
Homeloans’ general manager for national sales, Ray Hair, said the Homeloans Envizion product is equally suited both to PAYG and to self-employed borrowers seeking a loan where the borrower is considered on his or her merits rather than based on their credit score.
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“With Envizion, we are offering a niche product that will benefit borrowers who may not meet standard credit scoring models and those with loan purposes such as cash out or debt consolidation,” he said.
“Like many of the products we offer, it’s not a ‘one size fits all’ loan. We understand that everyone’s circumstances and needs are different. It’s why we have tailored this product for a common sense credit assessment approach, allowing for a flexible, responsive and simple lending solution.”
The Homeloans Envizion has a number of variations based on varying levels of credit impairment including mortgage arrears, defaults, judgements, writs, summons and bankruptcy.
The near-prime loan is available for a range of purposes including unlimited cash out, ATO debts and business purposes, and also includes a commercial option.
“We pride ourselves on our comprehensive product range across prime, lo doc and specialty scenarios – and this is just another example of our ability to be agile and meet market needs,” Mr Hair said.
