According to MPA, non-bank lender Resmiac has announced key policy changes to its prime alt doc product, aimed at giving self-employed borrowers even more choice.
Among the key policy changes announced is an increase in maximum loan amount to $1,500,000 for those borrowers seeking to borrow up to 75 per cent of the security value, the ability to access cash out for any worthwhile purpose and the removal of automated credit decisions.
Additionally, the non-bank says borrowers will now have more flexibility when it comes to verifying their income with the option of either an accountant’s letter, six months Business Activity Statements or three months business bank statements to support their declared income.
