Advantedge resurrects low-doc lending
By
Kevin Eddy
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2/09/2010 6:00:00 AM
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Advantedge Financial Services has launched a new product intended to inject 'much-needed competition' into the low-doc sphere.
The Advantedge Self-Employed Lite Program features "sharp pricing", as well as Advantedge picking up the tab on lenders' mortgage insurance (LMI) for loans with LVRs of between 60 and 70%.
Brett Halliwell, Advantedge's general manager of lending distribution, reckons that the new loan will empower mortgage managers to service a market segment that has been neglected by lenders .
"As the global financial crisis hit and funds became tighter, low doc lending was one of the first casualties," said Halliwell. "We’ve been working hard on bringing this product to market so that our mortgage manager partners can reinvigorate their lending to the self-employed sector – which has been a traditional target market for the non-banks."
The low-doc loan will be available via Advantedge's mortgage manager partners, and Halliwell predicts "strong demand".
"This is a product that is much needed across Australia’s self-employed sector and I’d expect our partners to see strong demand among their clients," he commented. "We’re confident of considerable pick up."
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