Non-bank extends spring offer following broker demand

Non-bank lender MA Money initially introduced its new offering for new loans submitted between 20 September 2024 and 1 November 2024; however, this has now been extended to 30 November 2024.

The spring offer is aimed at providing discounts on rates, loadings, and risk fees to better accommodate a diverse customer base.

Additionally, MA Money has added further discounts and removed the risk fee for Prime loans between $2 million and $3 million.

Tim Lemon, the newly appointed national sales manager for MA Money, commented: “We have had strong feedback on this initiative from brokers and in response, we are pleased to extend the spring offer by another month, adding even more value where possible.

“With these enhanced discounts, brokers can offer a competitive edge to clients, from self-employed individuals to expat borrowers.

“As part of this exclusive offer, Prime Full Doc and Alt Doc loans up to 80 per cent LVR for residential loans are now reduced to 7.14 per cent.

“This limited-time offer is available for new loans submitted between 4 November and 30 November 2024, with settlements required by 28 February 2025.”

Other key offers which comprise the lender’s spring offer include a 50 per cent reduction on loadings for investor and interest only loans, as well as loans of $1.5 million to $2 million.

MA Money also introduced risk fee discounts of 0 per cent on Prime Alt Doc loans up to 80 per cent LVR and on Prime Full Doc and Alt Doc loans valued at $2 million to $3 million, along with 0.75 per cent on loans over $3 million.

Furthermore, the lender previously made policy updates to broaden its customer base.

These included changes to accepted credit impairments under 12 months being increased to $3,000, with defaults over $3,000 accepted if listed over 12 months and paid and up to one-month mortgage arrears now being allowed.

MA Money also extended interest-only terms to 10 years for Prime investor loans less than 80 per cent LVR.

The spring offer comes as the non-bank lender announced that it is offering Prime home loans up to $5 million and near-Prime loans up to $3 million for qualified borrowers as of 20 August 2024.

[RELATED: MA Money announces spring offering]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.