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Non-bank seeing greater borrower diversity

Non-bank seeing greater borrower diversity

by Reporter 0 comments

Staff Reporter

The diversity of home loan applicants has increased significantly over the past few months, according to research by Homeloans.

According to the non-bank lender, the diversity encompasses both life stage and credit history.

"Since the launch of our Accelerate loan in September, we have seen a much broader range of applicant," Homeloans' general manager of sales Greg Mitchell said.

"In the post-GFC environment, consumers are becoming more aware of and comfortable with alternative solutions than those provided by the major banks. It's certainly become increasingly evident in the type of applicants across our expanded product offering since we introduced our Accelerate loan, which offers a more flexible credit policy than typical products."

The Accelerate, which is available as either full doc or low doc, offers credit features not available from most lenders, and provides flexibility and a credit policy catering to a broad range of situations, the lender said.

"We've been really surprised by the take up of the Accelerate product," Mitchell says.

"Additionally, under our proposition of being able to assess a single application under a number of different credit policies, many of these applicants have been deemed suitable for one of our traditional products, such as the Homeloans' MoniPower.

"It's obvious that consumers are becoming aware that the Accelerate has a more flexible credit policy, further demonstrating that Homeloans is continuing to consolidate its position as a competitive alternative to the major banks."

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Non-bank seeing greater borrower diversity
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