There’s no one size fits all for loansAs customers and their needs diversify in a modern society, the need for near-prime and specialist lending solutions will also increase.
Nearly 8% of Australian workers are independent contractors* and 40% of broker customers are reported to be self-employed~ – that’s a lot of potential customers who may not meet the criteria for a traditional prime full doc loan.
You could increase your offering and grow your business through near-prime and specialist (non-conforming) loans.
The MFAA and Resimac have partnered to produce this great resource – Finance for when your customer doesn’t fit the mould: A Broker’s Guide to Near-prime and Non-conforming/Specialist Loans – designed to deconstruct near-prime and specialist finance into easy-to-understand building blocks and help show that it can be accessible to brokers of all levels.
What will you discover?
- The types of near-prime and specialist (non-conforming) loans
- The typical types of near-prime and specialist loan customers
- Typical documentation, credit history and fees
- Steps to writing near-prime and specialist loans
- The three S’s – Security, Servicing, Story
- End-to-end digital process
- Plus more!
- Broker case studies
- Near-prime and specialist lender and product cheat sheet
- Myth busted: Common misconceptions about near-prime and specialist lending
Don’t give a customer awayAs we hope you will discover, near-prime and specialist (non-confirming) loans don’t have to be hard to write,
so don’t give a customer away just because they don’t fit the traditional prime loan mould.
The report will help give you the confidence to try near-prime and specialist lending, or seek additional support to grow in the area.
* www.abs.gov.au/statistics/labour/earnings-and-work-hours/working-arrangements/latest-release. ~ Resimac Broker Experience Survey (2021)
This Guide contains general information and provides a summary only. The information contained in this Guide does not constitute financial, legal and/or tax advice, and is current as at June 2022.