Advantege, an Australian wholesale lender have come out with a new mortgage product for the self employed.
The Advantedge Self-Employed Lite Program, which will be marketed through the Advantege mortgage manager partners, does not require any mortgage insurance payments by the borrower if the loan is between 60 and 70 per cent LVR. Also for such loans there is no need for 6 month BAS statements.
Brett Halliwell, Advantedge general manager of lending distribution, said the new product would enable mortgage managers to service a market segment that has been neglected by lenders in recent years.
“We’ve been working hard on bringing this home loan alternative to the Australian market so that our mortgage manager partners can boost their lending to the self-employed sector – which has been a traditional target market for the non-banks,” he said.
“Such a product is much needed across Australia’s self-employed sector in the current lending market. We expect our partners to experience strong demand among their clients.”
Iain Forbes, director of sales and marketing at Australian First Mortgage, one of Advantedge’s mortgage manager partners, welcomed the product launch.
Self employed applicants have been finding very few mortgage alternatives since the GFC. This product will specifically address their needs and circumstances.
The Self-Employed Lite Program will be available within 2 weeks