Non-bank lender Homeloans Ltd has announced the launch of a product with no credit scoring required on applications with genuine savings up to 90% plus LMI.
The product, dubbed FlexiChoice Prime, was developed in order to ‘benefit both brokers and borrowers’, according to Homeloans general manager, sales, Greg Mitchell.
“Homeloans is one of very few lenders in the market that can offer a no credit scoring up to 90% plus LMI; it provides us with another niche product to offer better solutions for our brokers,” he says.
The FlexiChoice Prime is available with either a variable or fixed interest rate and is purely designed for the purchase of an owner occupied property. Borrowers must have a clear credit history and be in their current employment for a minimum of 12 months or 24 months continuous employment within the same industry. They must also disclose the source of funds and provide appropriate evidence.