Non-conforming lender MKM Capital has announced cuts to its rates and fees, as well as the introduction of a new, non-coded product.
The lender has dropped rates on its low-doc product from 8.95% to 8.45%, and has reduced its risk fee from 3.75% to 1.95%. MKM Capital operations and marketing manager Michael Watson told Australian BrokerNews "changing [the] mix of products" allowed the lender to lower rates and fees.
"Becoming end-to-end enables us to be more inclusive and less niche dependent," Watson said.
The lender has also released a new non-coded product, badged MKM Private, offering a 25-year term with capacity to pay confirmed by an accountant's declaration.
"We have been asking brokers to identify what they want to see in non-conforming products and pricing. The initial feedback has been encouraging and we are excited to be offering the changes. The lower pricing is particularly competitive and the new private product ensures we are an end-to-end non-conforming solution," Watson said.
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