Non-bank lender Better Mortgage Management (BMM) has implemented a rate cut for its alt doc and specialist loans of up to 55 basis points.
Apart from the rate cuts, changes were made in some of BMM’s products. Its Capital Specialist Gold package has been expanded to allow both Cat 1 & 2 securities.
In addition, BMM reduced its ABN requirements down to only 12 months from 24 months, and the rate will start from 5.99% on loans up to 80% LVR.
“By merging two former products into one simplified competitive product, BMM is narrowing the gap for those borrowers who are not quite as strong credit wise,” managing director Murray Cowan said.
Meanwhile, BMM’s Ultimate Alt Doc product now starts at 5.24%, with the 70% LVR feature. The product also has no risk fee or LMI, and borrowers can have unlimited cash out for personal use.