These include tax debt consolidation options for low-doc borrowers
Non-bank lender Liberty has announced a series of residential lending policy changes aimed at helping brokers support more borrowers.
The changes include tax debt consolidation options for low-doc borrowers, updated serviceability considerations for custom applicants with alternative income sources, and more flexible security requirements for custom deals.
Liberty chief distribution officer David Smith (pictured above) said that Liberty’s goal was to find innovative ways to assist more people with alternative financial solutions.
“Liberty has always done things differently, and we constantly challenge ourselves to find more ways to get to ‘yes’,” Smith said.
“We have listened to our broker business partners and are pleased to offer these enhancements to reflect the changing needs of customers.”
Liberty has extended its debt consolidation options for Australian Taxation Office and state department tax debts to include custom AA low-doc borrowers with a loan-to-value ratio (LVR) of less than 70%.
Serviceability enhancements have also been applied for custom applicants who use child support, family tax benefits, and single parenting payments as an income source.
In addition, vacant land in eligible postcodes is now acceptable as sole security for custom deals where the LVR is less than 70%.
“We pride ourselves on working closely with brokers as a true partner, and considering all the circumstances in each application,” Smith said.
Non-bank lenders such as Liberty had the flexibility to closely examine the unique circumstances of each borrower, offering solutions where other lenders couldn't
“We encourage brokers with scenarios they’re not sure how to tackle to get in touch with their Liberty BDM,” said Smith. “If there's a way, we'll find it together.”
*Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial.
How will Liberty's residential lending policy changes help your clients? Comment below.
