iscover 
As the self-managed superannuation fund residential borrowing ban finally draws in, easy refinancing options have been launched, while the 5 per cent Deposit Scheme saw the admission of its first non-bank lender.
Liberty joins 5% Deposit Scheme panel
Liberty has become the first non-bank lender to join the federal government’s 5 per cent Deposit Scheme, expanding the scheme’s panel of participating lenders to 30.
The scheme allows eligible first home buyers to purchase a property with a 5 per cent deposit, or 2 per cent for eligible single parents and legal guardians, without paying lenders mortgage insurance, with Housing Australia guaranteeing part of the loan.
Liberty said its participation will provide eligible borrowers with greater choice, particularly those with non-traditional income or more complex financial circumstances.
RedZed launches EasyRefi for SMSF refinances
RedZed has launched EasyRefi, a new refinance process for eligible self-managed super fund (SMSF) loans that assesses applications using repayment history rather than full serviceability.
The policy is available for dollar-for-dollar residential SMSF refinances with corporate trustees only, where the proposed loan results in lower repayments. Loans with missed repayments in the past 12 months or requests for additional funds or equity release are not eligible and will be assessed under RedZed’s standard SMSF lending policy.
RedZed said EasyRefi is designed to simplify the SMSF refinance process and help brokers refinance existing SMSF clients as new residential SMSF lending comes to an end.
Resimac expands credit policy
Resimac has introduced a range of credit policy enhancements across its Prime, Specialist and Prime Alt Doc products, including changes to ATO debt refinancing, loan consolidation and income assessment.
Prime borrowers can now refinance and pay off eligible ATO debt of up to $200,000 as part of a refinance transaction at up to 80 per cent LVR, while Specialist borrowers may retain an existing formal ATO repayment arrangement for eligible ATO debt of up to $200,000 without clearing the debt before settlement, subject to eligibility criteria.
The lender has also introduced private and solicitor-funded loan consolidation under Prime and Prime Alt Doc at up to 80 per cent LVR, expanded its parental leave assessment to accept 100 per cent of eligible employer-paid and government-paid parental leave income, and now allows eligible Alt Doc borrowers using both PAYG and self-employed income to verify their self-employed income using an accountant's declaration.
Newcastle Permanent launches McDonald Jones partnership
Newcastle Permanent has partnered with McDonald Jones Homes to offer discounted home loan rates and cashback to eligible borrowers building, buying, or refinancing selected properties in the Hunter Region.
Eligible customers building a new McDonald Jones or Mojo Home can access a 0.05 per cent variable rate discount on construction loans. Existing McDonald Jones and Mojo home owners refinancing or customers purchasing a completed home through Complete by McDonald Jones can access a 0.05 per cent variable rate discount or 0.10 per cent fixed-rate discount, a waived $595 Real Deal loan fee, and up to $3,000 cashback.
The offer is available through the broker channel for eligible properties in Newcastle, the Hunter Valley, Lake Macquarie, and Port Stephens.
Aware of a product or policy update that brokers should know about? Leave it in the comments below.
See last week’s policy changes here.
[Related: Product policy tops broker recommendations]
Want to see more stories from trusted news sources?Make Broker Daily a preferred news source on Google.