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There is more positive news emerging around low doc lending, which will be welcomed by brokers and their self-employed customers.
RESIMAC has today announced improvements to its low doc offering which will make access to funding considerably easier for self-employed borrowers.
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Borrowers can now provide an accountant’s letter in support of their income declaration rather than the current 12 months BAS statements that are usually required – another strong indication that low doc lending is alive and well in the Australian market.
In addition, the non-bank lender is also re-launching its popular Specialist Lending LoDoc product which allows for a maximum LVR of 85 per cent, includes the purpose of refinance, and permits unlimited cash out to 65 per cent LVR and up to 25 per cent cash out to 80 per cent LVR with substantiation.
The company’s associate director of products and marketing Frank Knez told The Adviser that the changes were made to support the self-employed market.
“Our changes will make it possible for certain customers who are unable, due to certain financials, get easy access to a home loan – it is that simple,” Mr Knez said.
RESIMAC’s latest product change follows a spate of recent low doc product enhancements by other wholesale lenders.
Last month, both Advantedge and Adelaide Bank announced changes to their low doc product policies.
