More good news for lo doc borrowers
Homeloans introduces new 70% loan not requiring LMI
Mortgage provider Homeloans Ltd has introduced a new product which enables lo doc borrowers to receive finance up to 70 per cent LVR without the need for Lender’s Mortgage Insurance (LMI). The option is now available on the Homeloans MoniPowerLo Doc product.
“This is further good news for borrowers,” says Tony Carn, Homeloans’ general manager third party sales. “It follows hot on the heels of our recent announcements that the MoniPower full doc product is now available up to 95 per cent LVR, and that Homeloans will cover the cost of LMI on the Homeloans Ultra Lo Doc loan up to 70 per cent.
“Facilitating access for lo doc borrowers to a 70 per cent loan without the need for LMI ensures that consumers have a far wider range of product solutions available to them. Homeloans continuesto enhance finance solutions for borrowers and in doing so we consolidate our position as a genuine alternative to the banks.”
The new no-LMI option applies to MoniPower loans for a wide range of purposes including owner occupied and investment purchases, refinance and construction loans up to $2 million. Approved applicants can also access a visa card with a secured limit of $20,000, and borrowers can convert their loan facility to a full doc loan in the future.
“We urge any brokers not actively accredited with Homeloans to contact their business development manager to arrange accreditation training,” Carn says. “Accreditation is free of charge and Homeloans does not apply any commission hurdles or minimum volume levels criteria.”
The change takes effect from 27 September 2010.