Non-bank alters loans for metro borrowers

The changes will affect prime mortgage holders in Sydney and Melbourne as well as near prime IO and investment loans

Non-bank alters loans for metro borrowers



Non-bank lender Bluebay Home Loans has announced a series of changes to its Altitude Home Loan range, coming into effect on 31 July.

The following changes affect new borrowers in the Sydney and Melbourne metro areas on all Altitude Home Loans (Prime):
  • Increasing the maximum exposure to a borrower or guarantor from $2m to $2.5m on the lender’s Altitude Home Loans
  • Increasing the maximum loan amount on the Altitude Home Loan Full Doc for LVRs of less than 80% from $1m to $1.5m
Bluebay has also increased the required LVR threshold for non-genuine savings from 80% to 90% (inclusive of fees) on all Altitude Full Doc Home Loans.

Finally, the lender has announced that interest only repayments and/or investment purpose loans will be available on its Altitude Near Prime PLUS product only.

Bluebay Home Loans provides self-branded mortgages financed by Pepper Money.

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