MA Money innovates vacant land loans

Non-bank mortgage lender MA Money has announced the removal of clawbacks from its vacant land loans.

This change affects their range of products from prime to specialist, making these loans more appealing by increasing their flexibility.

Boosting broker confidence

Tim Lemon (pictured above), MA Money’s state manager for NSW/QLD/VIC, expressed enthusiasm about the new policy, emphasising its benefits for brokers and clients alike.

“We’re always looking for ways to improve our offerings and provide greater value, so we are tremendously excited to be announcing this initiative to remove clawbacks from our vacant land loan products and enable brokers to keep their commissions,” Lemon said.

“By removing clawbacks on our vacant land loans, we’re giving brokers the confidence to place these loans with us, knowing there's no risk if their clients decide to refinance in a short period. This change underscores our commitment to supporting brokers and their clients with flexible and innovative lending solutions.”

See LinkedIn post here.

Vacant land loan features and benefits

The vacant land loans offered by MA Money are designed for land purchases without immediate plans for development or construction.

These loans allow for borrowing up to $1.5 million with a loan to valuation ratio (LVR) of up to 75%.

“One of the unique features of this loan is that land can be used as sole security, and the borrower can draw cash out up to the maximum LVR,” Lemon said.

Last month, MA Money announced the launch of its FASTRefi service in partnership with FMS. The non-bank also recently expanded its national sales team as part of its strategy for future growth.

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