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Collins Securities is preparing to launch a new refinance low doc loan that is said to cater to a market that has long been neglected by the major banks.
As of February 1, Collins will offer a refinance low doc loan that is said to negate the need for self employed borrowers to jump through hoops to refinance or get a ‘true’ low doc loan.
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“Self employed borrowers once courted by the major banks and other lenders have been left out in the cold of late and treated as second class borrowers. This will change with the release of the new low doc product, the product will fill a large gap in the market,” Collins Securities general manager Allan Willoughby said.
The new loan will have an 80 per cent LVR and can be used for either business or personal use.
According to the lender, borrowers can repay the loan in weekly, fortnightly or monthly instalments and are guaranteed a fast settlement and approval turnaround.
