Eligible borrowers can secure loans from $100,000 to $2 million
Nonbank lender Avanti Finance has dropped its near prime mortgage product’s starting rate to below 4% for the very first time, allowing eligible borrowers to secure loans from $100,000 to $2 million.
The nonbank lender launched its first near prime mortgage offering last year to offer an alternative to borrowers with strong overall profiles but with borrowing situations that prevented them from securing credit from a main bank. The rates started from 4.15% pa for eligible borrowers but have now dropped to 3.95% pa.
“With everything that happened over 2020, there were many borrowers who didn’t match up against the banks’ lending criteria,” said Steve Massey, the head of distribution at Avanti Finance.
“Our near prime product helped to bridge the gap and get more people into homes. People were hearing ‘yes’ a lot more, and our introducers appreciated that.”
Avanti Finance is encouraging mortgage advisors and brokers to directly contact the lender to add the new product to their offerings.
“This latest cut ensures that we will remain a competitive and viable alternative to the major banks for customers looking for an alternative,” said Avanti Finance chief executive officer Mark Mountcastle.
