Collins Securities increases Low Doc competition in Non Bank Sector
Collins Securities has launched a new low doc loan the Aurora Low Doc Premium Loan. This loan is designed specifically for Self Employed clients wishing to purchase residential property. Typically Self Employed people have difficulty sourcing loans at good rates and conditions, the big banks typically requiring company financial statements, copies of BASs even for low doc loans. Collins new product has less stringent requirements of self employed Loan Features:
- Competitive rate of 6.47%
- 80% LVR
- Client only required to sign a Declaration of Income
- LMI can be capitalised (max 80%)
- ABN required for only 2 years
- Must be registered for GST if income declared is over $75,000
- Principal & Interest or Interest Only up to 10 years
- Generous security parameters
- Free Online Account Management
- Free Redraw
- Free BPay
Many of the non bank sector have had difficulty competing since the GFC and are finding niche markets that they can effectively compete with the big 4 banks, Collins seemed to have picked an under serviced market and launched a good product to fit it.
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