A non-bank lender has unveiled a range of temporarily reduced rates and done away with fees on its alt doc loan for the self-employed in celebration of the group’s 21st anniversary.
Better Mortgage Management (BMM) has lowered rates on its Capital Uber Alt Doc loan to 3.69% with risk fees from 0.25% at 50% LVR, in addition to other policy enhancements.
According to BMM managing director Murray Cowan, the product is popular with brokers as a solution for self-employed borrowers given certain features such as having one form of income verification, cash out for business purpose and payout of ATO debt.
“Alt Doc products target self-employed customers who are becoming more popular as the economy recovers from the COVID lockdowns this year,” Cowan added.
“We believe this special offer will provide greater incentive for these applicants to access additional capital, purchase a new home or pay down debt.”
Additionally, the Capital Uber product now offers an option to purchase units, excluding high density locations; the product has no additional rate loading for investment and the risk fee can be capped above 80% LVR.
The Brisbane-based non-bank also recently announced it has joined AFG's panel of lenders, meaning more brokers will be able to access its Capital Uber product.
The special offer will end on 18 December 2020.
