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If the client has demonstrated impeccable repayment history and historical good credit behaviour, we’re here to help.
Granite was formed five years ago to fill market gaps and assist with home ownership. Over the past two years, we’ve seen many borrowers stuck in their current home loans due to increasing interest rates. What many don’t realise is some clients have been paying in excess of the current standard variable rates for a number of years already. The last 12 months of RBA rate rises mean borrowers are paying higher than current variable rates. Some self-employed borrower examples we’ve seen have had rates increased to 3 per cent p.a. above standard variable.
Our Easy Refi products aim to take these clients from their 7–10 per cent current loans and bring them back in line with standard variable rates — mainly by relying on their historical repayments — not a blanket buffered servicing calculation.
To assist across all product segments, we offer the Easy Refi process on owner-occupied property, investment property, SMSF residential and commercial, non-resident, and expat.
Talking to your clients about Easy Refi is no different to talking about a normal refinance.
Obviously, the usual conversation and compliance need to happen between the client and the broker. If the borrower is already struggling or one month from hardship, it is our broker’s responsibility to determine Easy Refi eligibility and talk to their borrower about different options. Easy Refi shouldn’t be seen as a get out of trouble card.
An Easy Refi applicant is any existing client not in retirement or semi-retirement phase, who is looking for a dollar-for-dollar refi with a metro or non-metro security (not regional), clean credit — minimum score above 600, no past credit issues, good repayment history across all debt facilities (evidenced by CCR), traditionally a client with steady income evidenced by payslips (PAYG minimum six months in current role), or salary/dividend deposits for self-employed (minimum 24-month ABN).
In terms of application submission, LoanApp is used to capture loan and client data, collect all supporting documents, conduct biometric ID verification and order valuations, and Equifax. For fully packaged applications — including valuation — we can have an application go from submitted to formally approved within four days, with DocuSign loan documents going out a few days after that.
Just like all new products, we always recommend going through our training resources and weekly webinars through our Granite Broker Portal before submitting an application or talking with your clients. If you have experience with refinance owner-occupied or investment residential applications, Easy Refi should be straightforward. If you’ve never done an SMSF, expat, or non-resident application before, we strongly recommend going through our non-easy refi online training courses to get a good overview of that product and understanding of what to expect when talking to your client.
Who is Granite Home Loans?
We are a non-bank lender based in the Sydney CBD established in 2018 by three mortgage industry executives, who together have over 50 years’ industry experience. Although the mortgage industry is a very competitive and crowded one, we felt we could make a difference by doing things a little differently. In 2021 Granite, was purchase by our funder Columbus Capital.
Products we offer:
SMSF Residential and Commercial
NDIS Construction and Refinance
Lender Paid LMI for professionals and Essential workers
Non-Resident and Expat loans
Our loan products are currently offered through 12 aggregator panels with over 6,000 brokers accredited across the country.
For more information, reach out via our website GraniteHomeLoans.com.au or for instant accreditation, head to https://www.granitehomeloans.com.au/get-accredited
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