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Effective from 10 November, the changes span the lender’s residential and commercial lending policies, with higher maximum loan amounts and expanded eligibility across several property types.
“These changes represent a substantial expansion of our lending capability across both residential and commercial property finance,” said Belinda Wright, Thinktank general manager sales.
“Providing brokers with more options to support clients whose borrowing requirements may not always align with traditional lending settings.”
Higher limits for residential and commercial borrowers
Chief among the changes is Thinktank increasing its standard residential lending limit to $5 million per security at 75 per cent loan-to-value ratio (LVR) in metro and extended metro locations, up from $3.5 million at 65 per cent LVR.
The lender has also increased its residential aggregate exposure limit to $10 million across eligible securities.
In commercial lending, the standard commercial loan limit has increased from $4 million to $5 million at 70 per cent LVR for eligible metro full doc, mid doc, lease doc and self-managed super fund transactions under standard pricing.
Self-employed borrowers face fewer documentation hurdles
Thinktank has reduced its full doc assessment requirements for eligible self-employed borrowers across residential and commercial lending.
Applicants with a minimum 24-month ABN history can now provide one year of tax returns and a notice of assessment, rather than the previous requirement for two years of financial information.
“One of the more meaningful changes is the ability to assess eligible self-employed borrowers using one year of financial information,” Wright said.
“We recognise that business income and financial circumstances can change considerably over time, and this provides a more practical assessment pathway for borrowers with an established trading history.
“Importantly, our approach remains centred on understanding the broader circumstances of each transaction and working closely with brokers to determine an appropriate lending solution.”
Expanded options for property investors and specialist borrowers
Thinktank has expanded its specialised security lending across its standard commercial products, including full doc, mid doc, lease doc, quick doc and SMSF, with the maximum loan amount increased to $3 million.
Eligibility for specialised securities has been extended to locations with populations exceeding 20,000, down from the previous minimum of 50,000.
The lender has also expanded support for self-storage facilities across all commercial documentation types, with lending available at up to 75 per cent LVR.
In residential lending, Thinktank has increased the maximum LVR for eligible high-density and inner-city apartments to 80 per cent for loans up to $2 million.
It has also removed the previous 10-storey restriction on off-the-plan properties and expanded eligibility to include larger landholdings and smaller residential properties.
Wright said the changes reflected the lender’s response to broker feedback and changing borrower requirements.
“As borrower needs become more diverse, brokers are increasingly looking for lending partners who can provide both flexibility and certainty, particularly when dealing with self-employed clients, property investors and more complex borrowing structures.
“Our focus is on continuing to evolve our products and policies in a way that reflects those needs, while making the lending process as straightforward and consistent as possible.
“Having worked exclusively with brokers for 20 years, we place considerable value on the feedback and insights they share with us. These enhancements are another example of how that collaboration continues to shape our offering.”
[Related: Thinktank turns 20: The story behind two decades of growth]
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