This limited time offer highlights Resimac’s competitive suite of specialist lending products, which start from 3.87%p.a. (comparison rate 3.97%p.a.), and are designed to suit the needs of borrowers who fall outside traditional lending guidelines. The promotion also lowers the barrier to entry; with the valuation fee waived, borrowers will not have to outlay any up-front fees to Resimac.

General Manager, Third Party Distribution, Daniel Carde, said it was an opportune time for brokers to become familiar with specialist lending products for their clients.

“The opportunities with specialist lending will increase in the current economic environment. Resimac’s case-by-case approach to credit assessment gives us the flexibility to approve loans that some of the more traditional lenders may pass on, and it enables brokers to drive new business with non-conforming borrowers such as those with credit impairments, and self-employed or contract workers.

The offer is effective for new Resimac Specialist Full Doc and Specialist Alt Doc applications received from Tuesday 15 September, and it is available for Owner Occupier and Investment loans, and both Principal & Interest and Interest-Only repayments.

This promotion follows Resimac’s rate reduction earlier this month of up to 0.22%p.a. on its Resimac Prime and Prime Flex loans, which are currently available from 2.59%p.a. (comparison rate 2.95%p.a.).

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Resimac’s general manager of third-party distribution, Daniel Carde, said he was concerned that small business owners could potentially suffer longer term implications for what could be a short-term problem.

“Australia’s small business owners are already doing it very tough with economic growth at its slowest rate since the impact of the GFC in 2009. We do not want to see small business owners finding it more difficult to access much needed credit because of a business tax debt they may have incurred many years earlier.

“This segment of the community is not well served by traditional lenders, yet they represent a significant opportunity for brokers. With more complex income and tax obligations that need to be managed, these customers can often become a ‘client for life’ as their finance needs change over time as their businesses grow,” he said.

Mr Carde added that small business owners should be proactive in engaging with the ATO in relation to tax debts. “Non-payment of a taxation obligation can become a serious problem for small business owners if it is not addressed. We also urge brokers to discuss the management of tax debt with their small business clients.

“The government has introduced this bill to strengthen the incentive for businesses to pay their debts, and our specialist product range is ideally suited to assist those small business owners who may need to borrow to do this. 

“The best advice we can give is to be open and transparent around the circumstances surrounding the debt and to get on top of it early. However, if you find a borrower has left it too late and incurred a bureau listing, our specialist product range can also assist in these circumstances,” Mr Carde said.

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