Non-bank lender Homeloans Limited has launched a new near-prime home and commercial loan.
The new product, Homeloans Envizion, is suited to both PAYG and self-employed borrowers and business owners seeking a loan where the borrower is considered on merit rather than their credit score.
“With Envizion, we are offering a niche product that will benefit borrowers who may not meet standard credit scoring models and those with loan purposes such as cash out or debt consolidation,” Ray Hair
, Homeloans’ general manager national sales said.
“Like many of the products we offer, it’s not a ‘one size fits all’ loan. We understand that everyone’s circumstances and needs are different. It’s why we have tailored this product for a common sense credit assessment approach, allowing for a flexible, responsive and simple lending solution.”
The product offers a number of variations based on varying levels of credit impairment, including mortgage arrears, defaults, judgements, writs, summons and bankruptcy. It is available for a range of purposes including unlimited cash out, Australian Taxation Office (ATO) debts and business purposes. It is also available as a full doc, lo doc or commercial loan.
“The launch of Envizion early in 2016 is all about providing alternative lending solutions for brokers and their clients under the Homeloans brand, with Homeloans customer service and broker support,” Hair told Australian Broker
“Our comprehensive range of prime and near prime loans is enhanced further by Envizion and we will work with brokers to identify client needs that can now be met by Envizion, for which Homeloans may not have previously had a solution.”