RESIMAC New Zealand general manager Adrienne Church said the company has simplified its suite of specialist lending products to make them easier for advisers and customers to understand.

The company has also increased its maximum loan amounts to $1.5 million and dramatically expanded the acceptable locations for their specialist products.

Church said the changes are huge and constitute the largest overhaul of the company’s program since it entered the New Zealand market.

“We took this opportunity not only to simplify our product range, but to enhance it at the same time.”

The company’s specialist lending range now offers three products (Specialist Clear, Specialist Plus and Specialist Assist), each with just one credit impairment level.

Credit impairments levels cover a wide range from self-employed contractor to current bankrupt to discharged bankrupt.

Church said the company didn’t want to attract habitually credit adverse people rather it was trying to target people in different circumstances trying to get a new start.

However, due to the variety of levels offered, the specialist lending products could provide improved flexibility for investors. 

The company’s expansion of its acceptable property locations should also be attractive to investors.

Church said that, previously, the list of locations the company could provide loans for was quite restricted.

“It was basically just major cities and towns. But now we can consider loans for locations anywhere in New Zealand – like Raglan or Hokitika, for example – although with lower LVRs.”

A further benefit of the changes is that it is now much easier for a mortgage adviser to identify a suitable product for a client and communicate that solution back to the client quickly, Church added.