Avanti Finance launches new near-prime mortgage product

The new Avanti home loan product boasts floating interest rates starting from 4.15%; significantly lower than the company’s existing mortgage products.

Avanti Finance has launched a new near-prime mortgage product that promises to bridge the gap between the main bank and specialist lending options.

The new Avanti home loan product boasts floating interest rates starting from 4.15%; significantly lower than the company's existing mortgage products. These will be available on both interest-only and principal-and-interest repayment schedules, and will primarily be designed for the purchase of residential homes and select apartments between $100,000 and $2,000,000.

This is Avanti Finance's first step into the recently defined 'near-prime' market and represents an expansion of the company's existing product portfolio to be offered through its mortgage advisor network.

"Until now, our product offering has been focused on specialist lending: providing loans to those who don't fit into the big banks' approval process. Now, we're able to provide a more attractive interest rate to those customers who can demonstrate strong financials and good credit history," says Mark Mountcastle, CEO of Avanti Finance.

"While the bank is offering attractive fixed rates, they are still saying no to a lot of customers with strong applications. We're here to give them an alternative," he continues.

"We're providing all the same support to our existing products as we always have. But now, we're able to offer a more attractive deal to new and existing customers that fit our near-prime criteria."

Mortgage advisors are encouraged to contact Avanti Finance directly to add this new near-prime product to their line-up, which will be available from 3rd August 2020.