Resimac Specialist and Alt Doc loans may serve borrowers whose income evidence or credit profile does not fit a standard home loan. A broker must still verify the client’s position and confirm current product, evidence and pricing rules directly with Resimac.
These options may suit eligible self-employed borrowers or clients with an explainable credit event. Compare the total cost, including any mortgage insurance, with a mainstream alternative.
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What Is Resimac Specialist Alt Doc?
Alt doc lending accepts specified alternatives to full financial statements or tax returns. Specialist lending may also consider scenarios involving credit impairment, Debt consolidation or past arrears. Acceptance depends on current policy.
Understanding Resimac Specialist Alt Doc Loan Features
Check repayment type, fees, redraw and any offset account. Confirm the maximum Loan to Value Ratio for the purpose and evidence type. A policy fit still requires affordable repayments.
Types of Resimac Specialist Alt Doc Loans
Prime Alt Doc Loans
Prime alt doc may suit an otherwise strong borrower who cannot provide standard income evidence. Check all existing debt and the source of each income figure.
Specialist Alt Doc Loans
Specialist alt doc may consider a wider credit scenario at different pricing. Compare it with waiting, reducing debt or refinancing after the client’s evidence improves.
Differences Between Prime and Specialist Alt Doc Loans
Compare eligible credit history, accepted income evidence, maximum LVR and price. Product names alone do not show which loan types suit the client.
Eligibility and Application Process
- Document why standard evidence is unavailable.
- Verify alternative income evidence.
- Check credit history and security.
- Compare current products and total cost.
- Explain every condition before the application process.
Check current loan requirements and interest rates. A mortgage broker should record why the selected product meets the client’s needs and the applicable lending criteria.
