A loan that doesn’t ask questions

Homeloans Ltd has launched the Accelerate loan, available to borrowers with credit defaults and comes in full-doc and low-doc versions.

Homeloans’ general manager of third-party distribution, Tony Carn, said: “Accelerate is for borrowers who fail to meet the policy requirements of a standard loan.”

In its approval process, Homeloans will not consider the number of previous credit inquiries or minor credit defaults that are more than 12 months old.

Homeloans will offer extended terms and there is no lenders mortgage insurance below a 90 per cent loan-to-valuation ratio.

Source: Banking Day