A leading non-bank lender has announced new product changes as well as interest rate cuts on a range of its alt doc and specialist loans.
Better Mortgage Management
(BMM) has merged two former products into one new alt doc product, the Capital Specialist Gold Alt Doc loan product, which the lender says will allow for some borrowers to save up to 55bps.
The Capital Specialist Gold product has also been expanded to allow both Cat 1 & 2 securities, and has reduced its ABN requirements down to only 12 months, previously being 24 months. According to BMM’s managing director Murray Cowan, these changes will help more customers qualify for lower rates.
“By merging two former products into one simplified competitive product, BMM is narrowing the gap for those borrowers who are not quite as strong credit wise,” he said.
The new interest rate for the Capital Specialist Gold product will start from 5.99% on loans up to 80% LVR.
BMM has also announced rate reductions across all its alt doc and specialist loan product options. The Ultimate Alt Doc loan will now offer an interest rate starting from 5.24%.
The lender says the Ultimate Alt Doc product will still provide borrowers with up to 70% LVR with no risk fee or LMI, and unlimited cash out for personal or investment use.
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