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With fear mounting that some of the majors could follow Westpac’s lead and reduce their maximum loan-to-value ratios (LVR), non-banks are using the opportunity to reinforce their position as an alternative to the big four.
National Mortgage Company yesterday announced it would continue to provide 90 per cent investment loans with capped mortgage insurance where required.
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The non-bank’s head of credit and risk operations Jeff Chapman told The Adviser that the company would not be tightening its lending criteria in the foreseeable future.
“We continue to be backed by strong balance sheet wholesale funding lines and as such, we see a big opportunity for not only ourselves but also other non-bank lenders that have strong funding lines,” Mr Chapman said.
“We have been a market leader in construction loans for some time and have built specialised platforms to assist our introducers and builders. We also spend time with our introducers and build unique products that meet the needs of their respective platforms.”
Mr Chapman said the company was currently developing some new products that will be rolled out to its broker channel later in the year.
“There will be some exciting additions to our product stable in the next few months. We are planning to roll out a self managed super fund loan. With continued support around LVR levels and fast approvals, loan introducers will always find a solution for their clients via our funding platform,” he said.
