The finance company promises "to bridge the gap between main bank and specialist lending options", and has launched a product with floating rates starting at 4.15%.
The product will be available on both interest-only and principal and interest, for residential homes and "select apartments". Avanti will provide loans worth between $100,000 and $2 million.
The new home loan is available from Monday August 3, and advisers are asked to contact the lender directly.
Avanti said the launch was its "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 adviser 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 a good credit history,” Mark Mountcastle, CEO of Avanti Finance (pictured), said.
“While the bank are 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.”
Avanti's move indicates growing ambition among New Zealand's non-bank lenders.
The lender is becomes the latest non-bank to pivot towards customers with a stronger credit profile. In May, Resimac slashed rates to attract prime customers, moving closer to terms offered by the major banks.
| « Non-banks get Covid boost | ANZ eases servicing test » |
Special Offers
No comments yet
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved