• A rise in Alt Doc (self declared) residential lending. A number of non-mainstream financial institutions are providing residential finance for clients who are self employed. Use of Business Activity Statements and Self-Declared income is becoming widely acceptable.
  • Increased Age Limit (up to 90 years old) for borrowers, with a clear exit strategy AND SUBJECT TO LENDERS ASSESSMENT.
  • Alt Doc lending for self-employed income stream now focusing on 1 year financials in isolation. Some major banks are now adopting this to compete with non bank lenders ( to gain market share and subject to normal assessment criteria). The maximum Loan to Security value for the lenders has reduced to 80%, and is under constant review.
  • 40 year home loans available. This assists with lenders serviceability criteria enabling the applicants to obtain finance.
  • Some non-banks are NOT Credit Scoring loan applications. THIS IS A POSITIVE. Most lenders utilise your Credit Score and if your Credit Score does not meet the lenders criteria, the loan is automatically declined.
  • Lenders expansion of utilisation of various income streams. Examples include 100% overtime, bonuses, shift allowances, government benefits, bonuses etc.
  • Expat finance now available.
  • Self Managed Super Funding (SMSF) lending for residential properties.
  • Bridging Finance – a loan product for when you are purchasing and selling your home with the lender providing a fast turnaround time. Suitable for the best outcome and flexibility for a variety of customer needs.

Contact Paul on 0417 567 747 for assistance with your current and any potential residential finance applications and options.

 

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