Lender launches lo doc loan to 'fill a gap'

by Caroline Dann27 Sep 2012

A lender's new lo doc loan will "fill the gap that's been frustrating brokers" it claims.

Mortgage manager Better Mortgage Management is launching a new lo doc loan, which it claims will "fill a gap that's been frustrating brokers."

The Lo Doc Specialist loan comes with a rate of 7.99%, a capitalisation of fees above a maximum LVR of 80%, and no need to register for GST if declaring less than $75,000.

It also said borrowers with or without credit impairments could use an accountant's letter to verify income.

"[This is an area] creating roadblocks...which I'm pleased to say has also been removed with this loan," said Better Mortgage Management's managing director Murray Cowan.

In a further attempt to dismantle obstacles, borrowers with adverse credit can access finance for vacant land of up to one acre in major cities.

Cowan said the timing was perfect for the introduction of a more flexible specialist loan as the market is seeing "more borrowers moved into the specialist category due to tighter lending requirements."

"It is important brokers have at their disposal a full range of specialist loan options."

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