Non-bank lender announces key changes to prime alt doc loans

by Julia Corderoy24 Jul 2015
After unveiling a simplified range of specialist alt doc products earlier this year, non-bank lender Resmiac has today announced key policy changes to its prime alt doc product, aimed at giving self-employed borrowers even more choice.

Amongst the key policy changes announced is an increase in maximum loan amount to $1,500,000 for those borrowers seeking to borrow up to 75% of the security value, the ability to access cash out for any worthwhile purpose and the removal of automated credit decisioning. 

Additionally, the non-bank says borrowers will now have more flexibility when it comes to verifying their income with the option of either an accountant’s letter, six months Business Activity Statements or three months business bank statements to support their declared income.

“We believe the self-employed sector has been largely underserviced since the introduction of the National Credit Code back in 2010,” Allan Savins, Resimac’s chief commercial officer said. 

“The Regulatory Guides don’t prohibit brokers from offering alternative documentation solutions to self-employed borrowers, and whilst Resimac certainly has a comprehensive range of full documentation solutions we also haven’t forgotten those self-employed borrowers who may not have their current two years financial statements prepared.”

According to Savins, the self-employed market represents a significant opportunity for brokers considering there are over two million self-employed people in Australia operating in a variety of industries. 

“Not all of these borrowers will have up to date financials and many may be going through a significant growth phase in their business where the most recent financials available are not a true reflection of their current trading conditions. An alt doc loan is the perfect solution for these borrowers,” Savins said.

The Resimac prime alt doc is available to self-employed borrowers who have been in business for 24 months and seek to borrow up to 80% of the security value.
 

COMMENTS

  • by sharon maclean 20/01/2016 2:46:23 PM

    I have been with resimac for over ten years, no defaults, clean credit history. Ask advise on wether to change to normal home loan as I'm on no doc loan. Not only did they not get back to me twice when I contacted them it's taken nearly 4 months to get an answer of no. Because I asked if I could change loans and gave them my financial s which didn't service for the new loan, I was then told I couldnt top up my no doc loan even if I give them a letter from the accountant. Rang another company and had a verbal yes within 3 hours. So now I've paid 3 nearly 4 months interest on a credit card I want to pay out. So well done resimac what happened to customer service and loyalty. You are a non conforming lender