A non-bank mortgage lender has announced changes to its applications in order to make applying for a mortgage easier.
Now on Resimac’s specialist loans, credit bureau listings can be grouped together as ‘credit events’, provided they were caused by one single event and do not exceed a period of six months.
Resimac’s general manager - third party distribution, Daniel Carde, said the changes would make it easier for brokers to offer Resimac Specialist solutions to customers and easier for them to apply.
“Resimac serves a diverse range of borrowers and is working hard to make sure our broker partners have competitive, easy to understand Resimac products with a simple application process for all their customers,” he said.
Resimac will also ignore defaults, writs or summons under $2,000; any defaults, writs or summons paid over 12 months ago; and ignore any defaults, writs or summons listed over 24 months ago, paid or unpaid.
The lender has also announced it is streamlining the way it treats borrowers with current or previous bankruptcies under its Resimac Specialist product range.
Where a Part IX or X bankruptcy was evident on a borrower’s credit bureau report the following product classifications now apply:
- Listed but discharged - Resimac Specialist Clear
- Listed but entered bankruptcy more than two years ago - Resimac Specialist Plus
- Listed but entered bankruptcy less than two years ago - Resimac Specialist Assist
Resimac also said it was now offering specialist loans of up to $2.5million with a single security as it continues to streamline its business lines under a single brand.
In the past, these loans were considered on a case-by-case basis, but it is now standard policy for borrowers in Category A locations, with an LVR of up to 65%, full doc and alt doc.
Since unifying the Homeloans and RESIMAC Limited non-bank lending brands under a new incarnation of the Resimac brand last year the company has been focused on reducing inconsistencies between product offerings.