Non-bank cuts 40bps, changes supporting doc requirements

by Adam Smith08 Sep 2014
A non-bank lender has trimmed 40bps from one of its products, along with announcing changes to its supporting documentation requirements.

Liberty has announced a 40bp cut to its Prime Nova Low Doc product, taking the loan's variable rate to 5.24%. In addition, the lender has adjusted the supporting documentation requirements.

Previously, the product carried standardised supporting doc requirements to support applicants' declared incomes. A Liberty spokesperson told Australian Broker this requirement had been changed.

"We now offer a choice of flexible options that the broker can chose from, depending on the applicants specific profile and/or situation," the spokesperson said.

Liberty national sales manager John Mohnacheff touted the lender as "an early pioneer" of low doc lending.

"Liberty has a well-earned reputation for market leadership and innovation, and these improvement allow us to extend these benefits to even more self-employed customers," Mohnacheff said.