Homeloans launches specialist loan
Flexibility a key feature of the Accelerate
Homeloans Ltd has enhanced its extensive range of products with the launch of a distinctive new loan. The Accelerate, which is available as either full doc or low doc, offers credit features not available from most lenders, providing flexibility and a credit policy catering to a broad range of situations.Tony Carn, Homeloans’ general manager of third party distribution, calls the Accelerate loan a “unique and valuable offering to the market.”
“Brokers often discover that the profile of their client’s application fails to meet the policy requirements of the lender. This may involve multiple credit enquiries, previous credit defaults, arrears or a whole range of contributing factors. The new Accelerate loan provides a clear solution for such scenarios,” Carn says.
“Traditionally, lenders offer a simple product suite with a single credit policy sitting behind it which enables a lender to say either yes or no to an application. At Homeloans, we are empowered to find the most suitable and competitive solution to cater to a far broader range of applicants.”
The Homeloans Accelerate complements the company’s existing and competitive range of prime products.
Homeloans has been piloting the Accelerate loan for the past month and has been inundated with positive feedback from brokers who now are able to place their applicant with a mainstream home loan provider.
“We have even received applications from brokers with an expectation that the loan would be assessed as an Accelerate home loan,” Carn says. “It has been a wonderfully satisfying experience to alternately be able to provide an approval on one of our traditional products.”
Key features of the Homeloans Accelerate product include:
- Credit and minor credit defaults accepted if greater than 12 months (paid or unpaid)
- Cash out and business use of funds acceptable
- Number of previous credit enquiries ignored
- No limit on debt consolidation
- Lo Doc refinancing
- Self-employed with 12-month ABN registration available
- Self-employed with 6-month GST registration available
- Extended loan terms available
- No credit scoring
- No LMI up to 90%
- Loans up to $1.5 million