Learning tools
Discover a wealth of knowledge at our education hub, where you’ll find expert advice and guidance to help you navigate your financial journey. Whether you’re embarking on your first home purchase, looking to grow your investments, or seeking practical tips to optimise your financial wellbeing, our carefully curated learning tools are designed to provide valuation insights and solutions to help you achieve your goals.The value of self-employed borrowers
The size of the self-employed opportunityThere are more than 2.5 million1 small businesses in Australia, and over $140 billion2 in outstanding loans to small businesses.
Self-employed people are almost 50% more likely3 to have investment properties than those who aren’t self-employed, and more than 40% of them4 approach non-bank lenders for finance.
There is significant opportunity for brokers to expand their client base into self-employed lending, to help make their portfolio more robust and their customer base more versatile.
1. ABS Counts of Australian Businesses, including Entries and Exits as at June 30 2023.
2. Australian Banking Association SME Lending Report November 2022.
3. RBA Household Distribution of Debt Report June 2020.
4. Australian Small Business and Family Enterprise Ombudsman Report December 2020.
The opportunity in non-Prime lending
A great opportunity, with the right lenderAs a broker, you’re likely aware that borrowers who don’t fit standard lending guidelines can still have a solid income and strong serviceability.
However, verifying their income and demonstrating their serviceability can be complex, so a lender who deeply understands these nuances and designs products specifically for these types of borrowers can make all the difference.
At Resimac we specialise in assisting brokers to help near-Prime and non-conforming borrowers. We look at each deal on its own merits, and examine its overall strength for reasons to say ‘Yes’.
The pathway to Prime
When poor credit history isn’t the whole storyBlemishes in a client’s credit file can be due to many reasons, from financial mismanagement, business failures and life events, to issues like failing investments or debts from moving house.
But many people with poor credit can demonstrate the capacity and willingness to pay debts.
Giving your client an opportunity to secure finance and work their way into a Prime lending position can help foster a strong relationship that you can build on for years to come.
