Do you fit into any of these situations
+ Been knocked back by the bank due to impaired credit history including; defaults, judgements, and missed loan repayments?
+ Need to consolidate a large number of debts?
+ Your loan has been declined by a mortgage insurer?
+ You have short-term or irregular employment?
+ Your business is less than 12 months old?
+ You are unable to provide the bank traditional means to verify your income?
A Specialist Home Loan could be the answer
In partnership with our major funding partner Resimac Limited, urbanmoney provide alternative mortgage lending solutions, with our specialist lending program.
Specialist lending offers a solution where it is considered the applicant would not gain an approval through prime lending sources such as a traditional bank.
Specialist Lending, or as it is sometimes referred to as non-conforming loans, give the opportunity for applicants who have unusual circumstances – where it would be a higher risk lend, however they show demonstrated strength overall. This may be shorter term self employment, or the applicant may not be able to verify their income fully. Other situations may include; blemished credit history (usually due to a short term issue, such as an illness or business failure), previous bankruptcy or slow repayment record.
With Specialist Lending applications, our credit assessment will take into consideration all aspects of the clients situation, and more importantly, the reason for a short term problem or other ways that income can be verified. Each application is considered in view of individual circumstances.
We believe that our Specialist Lending products offer a solution for clients to re-establish their credit worthiness and often the ability to clear bad debts, or consolidate multiple loans that have caused repayment difficulties. Self employed applicants can also make that property purchase decision with a longer term view of refinancing once they can demonstrate the ability to meet regular full doc requirements.
Specialist Lending products include
- Full Doc Loans – Includes credit impairment, slow existing repayment record and ability to gain cash out. Maximum lending of 90%.
- Alt Doc – Self verified income, minimum ABN 12 months, 3 months business bank account statements to verify cash flow, max lend 90%
- Alt Doc Plus – Self verified income, 6 month ABN, credit impairment allowed. Maximum lend 85%
All specialist lending loans offer a stepped down rate discount, rewarding all borrowers for consistent repayment record.
Stepped down rate discounts include
- 0.25% p.s discount on the first anniversary of loan settlement.
- 0.25% p.a discount on the second anniversary of loan settlement.
All Specialist Lending applications are subject to our credit assessment and property profile criteria. Funding is only available to approved applications.
Contact us today and we can help you get back on track.
Complete our enquiry form to see if we can assist with your scenario.