New premium loan product offers loans up to $5 million
Non-bank lender RedZed has increased its maximum loan size for its main lending product, SE Prime, to $2.5 million.
One of Australia’s leading lenders to the self-employed, RedZed has also launched a new premium loan product, SE Prime XL, targeting self-employed Australians needing home loans between $2.5 million and $5 million.
The SE Prime XL product offers a maximum loan-to-value ratio of 75% and is available to self-employed borrowers who have up-to-date financials. It also provides the option for alternative income verification, which could benefit those with non-standard income streams.
“The banks are risk-averse and very rigid in assessing the creditworthiness of self-employed borrowers and their income and ability to service a loan,” said RedZed managing director Calvin Cordle. “Being a specialist lender to the self-employed, we understand the intricacies of running a business, and we look at more than just the numbers on the annual tax return.
“As the market leader in self-employed lending, we always look for new ways to improve self-employed lives and help our broker partners access flexible solutions for their clients.”
Cordle pointed out that buying or renovating a home has become significantly more costly, and that the introduction of RedZed’s new SE Prime XL product allows brokers to assist the millions of self-employed Australians in accessing finance up to $5 million for the first time.
“We understand small business owners often urgently need capital to invest in their business or other purposes,” he said. “Our new SE Prime XL product provides access to cash-out requests up to the maximum loan value of $5 million for verified purposes. This gives consumers greater choice and flexibility, allowing thousands of self-employed Australians to purchase the home of their dreams, which they so thoroughly deserve.
“Being self-employed takes hard work, courage and grit. It’s only right that the people making such a huge contribution to our economy by providing services, products and jobs to fellow Aussies have a place to call home after hours.”
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