Near prime loans empower self-employed borrowers
Non-bank lenders are encouraging brokers to tap into a growing segment of self-employed people and SME owners who fall just short of the criteria to secure a loan with the banks
More
IN THE highly competitive world of loans, it pays for mortgage brokers to cast their net wide for customers.
While it’s tempting to stick to the familiar prime client, there are a growing number of borrowers in the market who aren’t necessarily having their finance needs met by banks – such as those in the self-employed customer segment.
August 2023 data from the ABS and the Australian Small Business and Family Enterprise Ombudsman shows that 61.2% of Australian businesses are run by the self-employed – amounting to 1.58 million people.
With rising interest rates and higher inflation, some self-employed
Paterson says he hasn’t seen much difference in the pricing of near prime products relative to other loan types in the last six months – these have all adjusted in line with the general cash rate changes.
“However, the demand for near prime lending has certainly increased with a growing number of Australians replacing or supplementing traditional employment with flexible working arrangements or starting their own businesses.”
Resimac’s near prime products made up more than half its settlements in the last 12 months, says Paterson.
“We expect to see this trend continuing in 2024, particularly with close to half a million mortgages set to roll off fixed rates this year, resulting in borrowers looking for an alternative approach to lending,” he says.
Saoud says the expansion of near prime mortgage lending has made homeownership possible for households that in the past might not have qualified for a mortgage.
“Since pioneering and launching near prime mortgages in Australia in 2012, Pepper Money continues to see strong growth opportunities in the near prime segment of the market.”
Brokers play an important role in providing choice and access to options, Saoud says.
“We have a number of strong support systems, from the credit scenarios team to the very experienced Pepper Money BDMs. In a recent survey completed with a panel of brokers, our BDMs ranked the highest out of all support channels available.”
Pepper Money also maintains open communication between the BDM network and the credit team, allowing complex and unique scenarios to be explored and approved efficiently and effectively.
Saoud says catering to a shifting market requires flexibility, innovative products and experience in understanding an applicant’s individual circumstances.
“We have tried, tested and evolved our products and processes to ensure that we provide the best possible outcome for brokers and their customers – through invaluable broker and customer feedback.”
At Bluestone, MacRae says the non-bank lender actively educates brokers about near prime lending through various initiatives. These include webinars, policy information sessions, SMSF workshops, specialised content and courses focused on near prime customers, along with more hands-on interaction with an increased number of BDMs.
“Additionally, we conduct deal workshops to facilitate practical understanding and application,” he says.
Paterson says keeping Resimac’s brokers up to date “on our overall value proposition, as well as the key products, policies and niches we specialise in, continues to be top priority”.
Resimac BDM and relationship management teams are well equipped to educate and assist brokers all over Australia, either one-on-one or via brokerage events, PD days and conferences throughout the year.
“We also communicate with accredited brokers consistently across a variety of formats, including emails, SMS and webinars, explaining how our lending solutions, including near prime products, can assist them to grow their customer base as well as convert more scenarios,” Paterson says.
“This isn’t anything new; however, we’re continually adjusting and simplifying the way we communicate with brokers to better suit their needs and preferences.”
for owner-occupier housing rose 0.5% to $17.9bn and was 10.6% higher
year-on-year
Year-on-year jump in value of new loan commitments
“A growing number of individuals fail to meet traditional lending criteria, thereby fitting into the near prime category,” he says.
“Although rising interest rates have posed challenges for a subset of customers, near prime lending often provides a viable solution, enabling many to transition to prime loans over time.”
Saoud says there’s been an obvious dynamic shift in lending as many borrowers struggle with the rising cost of living. “For some that might represent a few missed repayments on everyday bills or a credit card. We are seeing more borrowers falling just short of meeting traditional prime criteria.”
Lender policy changes are more frequent, their appetite for risk is decreasing, and the borrower and employment landscape is evolving – which will increasingly require a flexible approach in 2024.
The near prime segment is predicted to grow, Saoud says, providing a “massive opportunity for brokers to meet the shifting needs of their customers”.
MacRae says the near prime market is strong and on an upward trajectory.
Bluestone Home Loans is a leading non-bank lender specialising in SMSF and residential home loans. Its team of 270 across Sydney, Auckland and Manila are proud to serve the one in 10 borrowers who are overlooked by banks. Bluestone has helped over 51,000 Australians and 13,000 Kiwis to secure a mortgage and achieve their dreams of homeownership, managing over $11 billion in loans. Most Bluestone loans are broker-led, so Bluestone is dedicated to supporting and nurturing the broker channel with market-leading education, fast approvals and a dedicated broker portal.
Find out more
Backing brokers since 1985, Resimac is one of Australia’s leading non-bank lenders. We offer a broad suite of mortgage products and specialise in helping borrowers who fall outside traditional lending guidelines, such as self-employed and credit-impaired borrowers. With more than 55,000 customers and a home loan book of over $13 billion, we are a solid alternative to the big banks when brokers are looking for a better and more tailored lending solution for their clients.
Find out more
overtime, Centrelink payments, excluding Newstart), and business owners with business trading statements and BAS statements can qualify for a near prime loan.
Whether a near prime customer is refinancing, rebuilding or recovering, they are often simply looking to improve their situation in life. Saoud says generally customers who fit a near prime profile are looking to:
Pepper Money is a people-focused non-bank, providing a refreshingly real-life approach to lending across home loans, commercial loans, equipment finance and car loans. We work with all sorts of people and businesses, from blue-collar to blue-chip. Whatever the circumstances, we take a uniquely flexible human approach, assessing each person’s situation individually.
Find out more
“The demand for near prime lending has certainly increased, with a growing number of Australians replacing or supplementing traditional employment with flexible working arrangements or starting their own businesses”
Chris Paterson,
Resimac
In Partnership with
Resimac general manager distribution Chris Paterson says Resimac defines near prime loans as any products that fall slightly outside the traditional lending guidelines.
“These products have competitive interest rates but with greater flexibility when it comes to credit policies,” he says.
“Near prime lending isn’t necessarily limited to customers whose financial circumstances and/or credit history are poor. Customers could be looking to consolidate private debts or get cash out that exceeds the traditional lending guidelines, or their employment arrangements may be considered unconventional.”
Paterson says self-employed customers, for example, fall into the near prime category if they rely on alternative income verification documents when applying for a loan.
Barry Saoud, general manager mortgages and commercial lending at Pepper Money, agrees that a near prime loan is designed for borrowers who don’t quite meet the requirements of the banks or traditional lenders.
“Near prime borrowers generally have the credit profile that falls between ‘prime’ and ‘specialist’,” he says. “These borrowers are often experiencing a shift in their credit profile, and therefore near prime loans represent a transitioning solution.
“A ‘no’ from a bank could be a ‘yes’ from a non-bank lender like Pepper Money that has a range of near prime options. In real life, being presented an alternative solution is a much-preferred outcome rather than delaying with no immediate solutions to consider.”
Near prime loans may suit borrowers with multiple sources of income, past repayment issues or any other unique borrowing situation.
Saoud says the near prime category represents endless opportunity given the vast range of self-employed workers and small business operators in Australia.
refinance or consolidate an unlimited number of debts, including tax debt;
access cash-out for business expansion; or
increase their investment property portfolio
“Although rising interest rates have posed challenges for a subset of customers, near prime lending often provides a viable solution, enabling many to transition to prime loans over time”
Tony MacRae,
Bluestone Home Loans
Bluestone chief commercial officer Tony MacRae says that while brokers and lenders have various interpretations of near prime lending, it primarily refers to loans catering to customers who don’t quite meet traditional banks' stringent income and lending criteria.
“These customers, often self-employed, with fluctuating incomes, multiple income sources or past financial difficulties, are still creditworthy,” MacRae says.
“Near prime loans offer these individuals the opportunity to grow their businesses, purchase or upgrade homes, invest in properties, or undertake renovations. Notably, the near prime customer segment is expanding as economic landscapes and work preferences evolve.”
Industry experts
Barry Saoud
Pepper Money
Chris Paterson
Resimac
Tony MacRae
Bluestone Home Loans
Industry experts
Tony MacRae became chief commercial officer at Bluestone in November 2023, after joining the company as chief sales officer four months earlier. He has a wealth of experience in financial services, including a decade spent as CEO of RAMS and GM third party distribution at Westpac Group. MacRae has an industrywide reputation for successful execution of sales initiatives, driving strategic direction, building partnerships and leading teams to strong business growth. He leads Bluestone's efforts to ensure brokers and partners are best positioned to help more customers. For the last 10 years MacRae has been a board member and treasurer of the Royal Flying Doctor Service South Eastern Section. He has a Bachelor of Economics from Macquarie University.
Bluestone Home Loans
Tony MacRae
Chris Paterson has more than 15 years’ experience as a BDM, business analyst and head of product and commercial operations. Having worked closely with the direct, broker and wholesale channels to develop products tailored to various segments for more than a decade, Paterson brings deep expertise to the role of general manager distribution at Resimac. He holds a BA in communications from Western Sydney University and a Certificate IV in Financial Services (Finance and Mortgage Broking).
Resimac
Chris Paterson
Barry Saoud joined Pepper Money in July 2021 as general manager, mortgages and commercial lending, and is responsible for its strategic direction and operating performance across product, credit and settlement sales functions for Australia and New Zealand mortgages, commercial loans, personal loans and direct sales. With over two decades’ experience in financial services, Saoud has held numerous roles across areas ranging from legal to company secretary to sales and product management at the likes of Aussie (Home Loans), GE Capital, HSBC and Norton Rose Fulbright. He is a passionate leader with proven ability to grow businesses and exceed targets through innovative strategy and effective execution.
Pepper Money
Barry Saoud
Barry Saoud
Pepper Money
Chris Paterson
Resimac
Tony MacRae
Bluestone Home Loans
Industry experts
Tony MacRae became chief commercial officer at Bluestone in November 2023 (after joining the company as chief sales officer four months earlier). He has a wealth of experience in financial services, including a decade spent as CEO of RAMS and GM third party distribution at Westpac Group. MacRae has an industrywide reputation for successful execution of sales initiatives, driving strategic direction, building partnerships and leading teams to strong business growth. He leads Bluestone's efforts to ensure brokers and partners are best positioned to help more customers. For the last 10 years MacRae has been a board member and treasurer of the Royal Flying Doctor Service South Eastern Section. He has a Bachelor of Economics from Macquarie University.
Bluestone Home Loans
Tony MacRae
Chris Paterson has more than 15 years’ experience as a BDM, business analyst and head of product and commercial operations. Having worked closely with the direct, broker and wholesale channels to develop products tailored to various segments for more than a decade, Paterson brings deep expertise to the role of general manager distribution at Resimac. He holds a BA in communications from Western Sydney University and a Certificate IV in Financial Services (Finance and Mortgage Broking).
Resimac
Chris Paterson
Barry Saoud joined Pepper Money in July 2021 as general manager, mortgages and commercial lending, and is responsible for its strategic direction and operating performance across product, credit and settlement sales functions for Australia and New Zealand mortgages, commercial loans, personal loans and direct sales. With over two decades’ experience in financial services, Saoud has held numerous roles across areas ranging from legal to company secretary to sales and product management at the likes of Aussie (Home Loans), GE Capital, HSBC and Norton Rose Fulbright. He is a passionate leader with proven ability to grow businesses and exceed targets through innovative strategy and effective execution.
Pepper Money
Barry Saoud
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Share
Market trends and the effects of rising interest rates, inflation
Share
Tony MacRae
Bluestone Home Loans
Chris Paterson
Resimac
Barry Saoud
Pepper Money
Christopher Lee
MFAA head credit adviser, Finsure Finance and Insurance
Near prime loan products
Published 12 Feb 2024
“We assess every application on a case-by-case basis and make our decisions based on individual merits. If the customer can afford the loan, and it makes sense, we’ll seek to find a workable solution”
Barry Saoud,
Pepper Money
In November 2023, in seasonally adjusted terms, the value of new loan commitments:
for total housing rose 1.0% to $27.6bn (after increasing 7.1% in October) and was 13.1% higher year-on-year
for investor housing rose 1.9% to $9.7bn and was 18.0% higher
year-on-year
Self-employing 61.2%
Self-employed dominate Australian businesses
Proportion of Australian businesses by employee count vs the self-employed
1-4 employees 27.2%
5-19 employees 8.9%
20-199 employees 2.5%
200+ employees 0.2%
Source: ABS Counts of Australian Businesses, August 2023 and ASBFEO calculations
Near prime lending explained
people have found it difficult to secure loans because they don’t meet the banks’ lending criteria. But non-bank lenders are filling the gap, offering near prime loans for those customers who fall outside standard guidelines.
It’s a market that’s expanding, and by including near prime lending in their offering, brokers can grow their customer base and create ‘stickier’ clients.
MPA approached non-bank lenders Bluestone Home Loans, Resimac and Pepper Money for their insights on near prime lending.
Bluestone’s near prime products are tailored for PAYG or self-employed customers with clear credit histories who may not meet the prime loan eligibility, says MacRae.
Key features include acceptance of short-term and casual employment; requiring ABN registration of just over a year; flexible self-employed income verification methods; tolerance for minor credit issues; unlimited debt consolidation options; and the ability to borrow up to 90% LVR without LMI.
MacRae says these offerings are distinguished by their flexibility in accommodating varied income sources and verification methods, backed by Bluestone’s robust BDM and lending support for comprehensive scenario workshopping and efficient processing.
Paterson says Resimac’s near prime product range consists of its Prime Alt Doc and Specialist Clear loans.
Prime Alt Doc provides brokers with an incredibly competitive lending solution for self-employed borrowers. It features sharp interest rates, no additional loading for interest-only, no risk fee, and a maximum loan amount of $2.5 million (for up to 65% LVR). Also, self-employed borrowers can use the loan for business purposes up to $500,000 and take advantage of unlimited cash-out up to 80% LVR.
Specialist Clear supports both PAYG and self-employed borrowers impacted by a credit event or adverse circumstances, or who may otherwise not fit within mainstream lending solutions.
Resimac also looks at other ways to support brokers on a regular basis with information that’s useful, timely and targeted.
“A great example is the broker’s guide to near prime and specialist loans detailing the benefits of considering these loan options, which we created in conjunction with the MFAA,” Saoud says.
Educating brokers
“Brokers often come to us after their clients have been declined by other lenders, or they didn’t achieve the outcome they were hoping for,” Paterson says.
“This is where our experienced underwriters can provide valuable assistance, assessing a customer’s application by looking at the full lending picture, including employment, income, repayment history, as well as the security property.
“If the customer’s profile is high risk, mitigants are considered against the risk to determine the suitability of the product to the customer’s requirements and objectives. Wherever possible, we then tailor the lending solution we can offer them.”
Saoud says technology is creating remarkable opportunities in near prime and alternative lending.
Technology drives faster loan decisioning and processing
Excellence in lending requires achieving the right balance of efficiency and effectiveness, says Paterson.
“Resimac uses technology in the first instance to get a good overall understanding of a borrower’s profile, determining the relevant risk metrics involved and the suitability of the product that they are applying for.”
Prime customers can benefit from faster decisioning and processing, as this can be automated. However, more often than not, near prime applications require a human touch.
“We know that consistency and speed to provide a credit decision is critical for brokers now more than ever, as it allows them to confidently recommend a particular lender, knowing their customer will get a swift and suitable outcome.”
Saoud says the lender’s flagship tech tool, the Pepper Product Selector™ (PPS), is known throughout the industry for speed and accuracy of decisions.
“Our two-minute approval via PPS is therefore a one-of-a-kind innovation with a compelling value proposition … the innovative tool was designed to save brokers time and provide confidence that the Pepper Money recommendation given to the customer means no surprises post-submission.”
PPS allows brokers to accurately identify a suitable Pepper Money home loan product via an indicative offer that gives brokers and their customers full line of sight of the interest rate and fees (if applicable) for the customer in a matter of minutes.
MacRae says Bluestone is enhancing its near prime loan processing through a strategic focus on eliminating, simplifying and digitising operations.
“This involves removing unnecessary processes and documentation, streamlining broker interactions and adopting advanced technology to digitise the entire loan process,” he says.
“The ultimate goal is to provide brokers and their clients with faster, more efficient loan decisions and an overall improved experience.”
MacRae says Bluestone's approach to near prime lending reflects a deep understanding of the evolving financial landscape and a commitment to providing tailored, flexible solutions to a diverse range of borrowers, particularly those who might not fit into traditional lending frameworks.
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Barry Saoud joined Pepper Money in July 2021 as general manager, mortgages and commercial lending, and is responsible for its strategic direction and operating performance across product, credit and settlement sales functions for Australia and New Zealand mortgages, commercial loans, personal loans and direct sales. With over two decades’ experience in financial services, Saoud has held numerous roles across areas ranging from legal to company secretary to sales and product management at the likes of Aussie (Home Loans), GE Capital, HSBC and Norton Rose Fulbright. He is a passionate leader with proven ability to grow businesses and exceed targets through innovative strategy and effective execution.
Pepper Money
Barry Saoud
Chris Paterson has more than 15 years’ experience as a BDM, business analyst and head of product and commercial operations. Having worked closely with the direct, broker and wholesale channels to develop products tailored to various segments for more than a decade, Paterson brings deep expertise to the role of general manager distribution at Resimac. He holds a BA in communications from Western Sydney University and a Certificate IV in Financial Services (Finance and Mortgage Broking).
Resimac
Chris Paterson
Tony MacRae became chief commercial officer at Bluestone in November 2023, after joining the company as chief sales officer four months earlier. He has a wealth of experience in financial services, including a decade spent as CEO of RAMS and GM third party distribution at Westpac Group. MacRae has an industrywide reputation for successful execution of sales initiatives, driving strategic direction, building partnerships and leading teams to strong business growth. He leads Bluestone's efforts to ensure brokers and partners are best positioned to help more customers. For the last 10 years MacRae has been a board member and treasurer of the Royal Flying Doctor Service South Eastern Section. He has a Bachelor of Economics from Macquarie University.
Bluestone Home Loans
Tony MacRae
“As with Prime Alt Doc, Specialist Clear offers highly competitive rates, with more flexibility when it comes to considering defaults and insolvencies. There are also more opportunities for debt consolidation, with no limit on the number of liabilities you can capitalise into the mortgage, and support for ATO, private and business debts,” says Paterson.
Saoud says the Pepper Money difference is “our real-life approach to assessing applications”.
“We assess every application on a case-by-case basis and make our decisions based on individual merits. If the customer can afford the loan, and it makes sense, we’ll seek to find a workable solution.
“Pepper Money’s near prime policy can disregard any defaults under $3,000 and supports borrowers who have short-term, casual and part-time employment.”
Non-standard types of income are considered (eg
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“We know that consistency and speed to provide a credit decision is critical for brokers now more than ever, as it allows them to confidently recommend a particular lender, knowing their customer will get a swift and suitable outcome.”
Saoud says the lender’s flagship tech tool, the Pepper Product Selector™ (PPS), is known throughout the industry for speed and accuracy of decisions.
“Our two-minute approval via PPS is therefore a one-of-a-kind innovation with a compelling value proposition … the innovative tool was designed to save brokers time and provide confidence that the Pepper Money recommendation given to the customer means no surprises post-submission.”
PPS allows brokers to accurately identify a suitable Pepper Money home loan product via an indicative offer that gives brokers and their customers full line of sight of the interest rate and fees (if applicable) for the customer in a matter of minutes.
MacRae says Bluestone is enhancing its near prime loan processing through a strategic focus on eliminating, simplifying and digitising operations.
“This involves removing unnecessary processes and documentation, streamlining broker interactions and adopting advanced technology to digitise the entire loan process,” he says.
“The ultimate goal is to provide brokers and their clients with faster, more efficient loan decisions and an overall improved experience.”
MacRae says Bluestone's approach to near prime lending reflects a deep understanding of the evolving financial landscape and a commitment to providing tailored, flexible solutions to a diverse range of borrowers, particularly those who might not fit into traditional lending frameworks.
Excellence in lending requires achieving the right balance of efficiency and effectiveness, says Paterson.
“Resimac uses technology in the first instance to get a good overall understanding of a borrower’s profile, determining the relevant risk metrics involved and the suitability of the product that they are applying for.”
Prime customers can benefit from faster decisioning and processing, as this can be automated. However, more often than not, near prime applications require a human touch.
“Brokers often come to us after their clients have been declined by other lenders, or they didn’t achieve the outcome they were hoping for,” Paterson says.
“This is where our experienced underwriters can provide valuable assistance, assessing a customer’s application by looking at the full lending picture, including employment, income, repayment history, as well as the security property.
“If the customer’s profile is high risk, mitigants are considered against the risk to determine the suitability of the product to the customer’s requirements and objectives. Wherever possible, we then tailor the lending solution we can offer them.”
Saoud says technology is creating remarkable opportunities in near prime and alternative lending.
Technology drives faster loan decisioning and processing
refinance or consolidate an unlimited number of debts, including tax debt;
access cash-out for business expansion; or
increase their investment property portfolio
“As with Prime Alt Doc, Specialist Clear offers highly competitive rates, with more flexibility when it comes to considering defaults and insolvencies. There are also more opportunities for debt consolidation, with no limit on the number of liabilities you can capitalise into the mortgage, and support for ATO, private and business debts,” says Paterson.
Saoud says the Pepper Money difference is “our real-life approach to assessing applications”.
“We assess every application on a case-by-case basis and make our decisions based on individual merits. If the customer can afford the loan, and it makes sense, we’ll seek to find a workable solution.
“Pepper Money’s near prime policy can disregard any defaults under $3,000 and supports borrowers who have short-term, casual and part-time employment.”
Non-standard types of income are considered (eg overtime, Centrelink payments, excluding Newstart), and business owners with business trading statements and BAS statements can qualify for a near prime loan.
Whether a near prime customer is refinancing, rebuilding or recovering, they are often simply looking to improve their situation in life. Saoud says generally customers who fit a near prime profile are looking to:
Bluestone’s near prime products are tailored for PAYG or self-employed customers with clear credit histories who may not meet the prime loan eligibility, says MacRae.
Key features include acceptance of short-term and casual employment; requiring ABN registration of just over a year; flexible self-employed income verification methods; tolerance for minor credit issues; unlimited debt consolidation options; and the ability to borrow up to 90% LVR without LMI.
MacRae says these offerings are distinguished by their flexibility in accommodating varied income sources and verification methods, backed by Bluestone’s robust BDM and lending support for comprehensive scenario workshopping and efficient processing.
Paterson says Resimac’s near prime product range consists of its Prime Alt Doc and Specialist Clear loans.
Prime Alt Doc provides brokers with an incredibly competitive lending solution for self-employed borrowers. It features sharp interest rates, no additional loading for interest-only, no risk fee, and a maximum loan amount of $2.5 million (for up to 65% LVR). Also, self-employed borrowers can use the loan for business purposes up to $500,000 and take advantage of unlimited cash-out up to 80% LVR.
Specialist Clear supports both PAYG and self-employed borrowers impacted by a credit event or adverse circumstances, or who may otherwise not fit within mainstream lending solutions.
Near prime loan products
Resimac also looks at other ways to support brokers on a regular basis with information that’s useful, timely and targeted.
“A great example is the broker’s guide to near prime and specialist loans detailing the benefits of considering these loan options, which we created in conjunction with the MFAA,” Saoud says.
Brokers play an important role in providing choice and access to options, Saoud says.
“We have a number of strong support systems, from the credit scenarios team to the very experienced Pepper Money BDMs. In a recent survey completed with a panel of brokers, our BDMs ranked the highest out of all support channels available.”
Pepper Money also maintains open communication between the BDM network and the credit team, allowing complex and unique scenarios to be explored and approved efficiently and effectively.
Saoud says catering to a shifting market requires flexibility, innovative products and experience in understanding an applicant’s individual circumstances.
“We have tried, tested and evolved our products and processes to ensure that we provide the best possible outcome for brokers and their customers – through invaluable broker and customer feedback.”
At Bluestone, MacRae says the non-bank lender actively educates brokers about near prime lending through various initiatives. These include webinars, policy information sessions, SMSF workshops, specialised content and courses focused on near prime customers,along with more hands-on interaction with an increased number of BDMs.
“Additionally, we conduct deal workshops to facilitate practical understanding and application,” he says.
Paterson says keeping Resimac’s brokers up to date “on our overall value proposition, as well as the key products, policies and niches we specialise in, continues to be top priority”.
Resimac BDM and relationship management teams are well equipped to educate and assist brokers all over Australia, either one-on-one or via brokerage events, PD days and conferences throughout the year.
“We also communicate with accredited brokers consistently across a variety of formats, including emails, SMS and webinars, explaining how our lending solutions, including near prime products, can assist them to grow their customer base as well as convert more scenarios,” Paterson says.
“This isn’t anything new; however, we’re continually adjusting and simplifying the way we communicate with brokers to better suit their needs and preferences.”
Educating brokers
Pepper Money is a people-focused non-bank, providing a refreshingly real-life approach to lending across home loans, commercial loans, equipment finance and car loans. We work with all sorts of people and businesses, from blue-collar to blue-chip. Whatever the circumstances, we take a uniquely flexible human approach, assessing each person’s situation individually.
Find out more
Backing brokers since 1985, Resimac is one of Australia’s leading non-bank lenders. We offer a broad suite of mortgage products and specialise in helping borrowers who fall outside traditional lending guidelines, such as self-employed and credit-impaired borrowers. With more than 55,000 customers and a home loan book of over $13 billion, we are a solid alternative to the big banks when brokers are looking for a better and more tailored lending solution for their clients.
Find out more
Source: ABS Counts of Australian Businesses, August 2023 and ASBFEO calculations
Self-employing 61.2%
1-4 employees 27.2%
5-19 employees 8.9%
20-199 employees 2.5%
200+ employees 0.2%
Self-employed dominate Australian businesses
Proportion of Australian businesses by employee count vs the self-employed
“We assess every application on a case-by-case basis and make our decisions based on individual merits. If the customer can afford the loan, and it makes sense, we’ll seek to find a workable solution”
Barry Saoud,
Pepper Money
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Source: ABS Lending Indicators, November 2023