iscover 
Non-bank mortgage lender MA Money has updated its product offering to include MA Money More, which will offer larger loan sizes for Prime borrowers and greater flexibility for expat and self-employed clients.
Under the MA Money More program, residential loans are now available up to $15 million, three times higher than the previous limit of $5 million.
The maximum loan amount for vacant land loans has been raised to $5 million (up from $1.5 million), while expat loans have also been enhanced to enable expats borrowing up to $5 million extend up to 80 per cent loan-to-value ratio (LVR), up from the previous 75 per cent.
Aside from the MA Money More, the lender has also launched Light Doc and Lease Doc verification options for commercial loans, making it simpler for brokers to help self-employed clients and business borrowers.
Two income verification methods, Lease Doc and Light Doc, are available for loans up to $2 million. The Lease Doc option utilises the lease agreement for income verification, requiring a minimum of 24 months remaining on the lease for Prime loans or a minimum of six months remaining for Near Prime loans.
The Light Doc option allows self-employed borrowers to verify their income by submitting a Declaration of Financial Position.
Commenting on the new offerings, MA Money’s national sales manager, Tim Lemon, commented: “We know that brokers value choice and simplicity.
“MA Money More opens the door for larger, more complex deals to be written with confidence. It gives brokers the flexibility they need to support self-employed and expat clients with solutions that make sense.”
The lender’s head of commercial, Craig Stuart, added: “Commercial borrowers don’t always fit into a one-size-fits-all model.
“Light Doc and Lease Doc give brokers more ways to structure a deal without adding complexity. It’s about practical lending that works for the broker and their client.”
The new offerings come as MA Money continues to tailor its suite of loans. The non-bank recently added commercial, SMSF, and bridging loans to its broker network.
Speaking at the time, Stuart said: “With loans up to $8 million, flexible terms and no clawbacks, our commercial products give brokers a straightforward path to meeting their clients’ needs.
“We’ve taken the same service-first approach MA Money is known for in residential and applied it to commercial, so brokers can expect quick decisions and policies that make sense.”
[Related: MA Money unveils suite of non-standard products]