Diversity of applicants on the increase, finds Homeloans
New Accelerate loan takes off
The diversity of home loan applicants has increased significantly over the past few months, non-bank lender Homeloans Ltd has noted. And the diversity has encompassed both life stage and credit history – across the full range of Homeloans’ loans.
“Since the launch of our Accelerate loan in September, we have seen a much broader range of applicant,” says Greg Mitchell, Homeloans’ general manager of sales.
“In the post-GFC environment, consumers are becoming more aware of and comfortable with alternative solutions than those provided by the major banks. It’s certainly become increasingly evident in the type of applicants across our expanded product offering since we introduced our Accelerate loan, which offers a more flexible credit policy than typical products.”
The Accelerate, which is available as either full doc or low doc, offers credit features not available from most lenders, and provides flexibility and a credit policy catering to a broad range of situations. “We’ve been really surprised by the take up of the Accelerate product,” Mitchell says.
“Additionally, under our proposition of being able to assess a single application under a number of different credit policies, many of these applicants have been deemed suitable for one of our traditional products, such as the Homeloans’ MoniPower.
“It’s obvious that consumers are becoming aware that the Accelerate has a more flexible credit policy, further demonstrating that Homeloans is continuing to consolidate its position as a competitive alternative to the major banks.