- Alt Doc (self-declared) residential lending is growing. Some 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 more widely acceptable.
- Alt Doc lending for self-employed income stream now focuses on 1-year financials. Some major banks are also adopting this to compete with non-bank lenders to gain market share (subject to normal assessment criteria).
- 40-year home loans now available. This helps with lender’s serviceability criteria, enabling applicants to obtain finance.
- Major banks are now emphasizing their internal channels (via branches and dedicated mobile home loan lenders) to increase their share of home loans.
- Some non-banks are NOT credit scoring loan applications. THIS IS A POSITIVE. Most lenders use your Credit Score, and if your Credit Score does not meet the lenders criteria, the loan is automatically declined.
- Lender’s expansion of use of more 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.