"We want to be seen as having the most extensive product suite, bigger than any of the banks, so when people come to us they know in most cases we will be able to help them," General Finance director William Cairns says.
The increased demand for mortgage flexibility comes from couples who have been "cleaned out" financially by relationship splits and tertiary graduates on good incomes who have returned from their OE.
The changes reflect the rapid growth in the housing prices in Auckland in the last two years, he says.
"It makes it simpler for first-home buyers who have not saved much and want to get into the market."
A 30-year loan term is one change to suit such customers.
Other enhancements are regular loans up to $2.5 million per property (an increase from the previous limit of $1 million) and a total exposure of $5 million is now possible over several properties. The no financials home loan limit is now $1 million per property.
It now has more options for 100% home loans, line of credit facilities up to $850,000 and 85% of loan-to-value ratio, and second mortgages up to $500,000 (an increase from $200,000), a limit which is set to increase again in the new year.
Bridging loans up to $500,000 per borrower are also available, backed by an increasing deposit base for General Finance.
"There is increased demand for short-term bridging, from seven days to two to six months," Cairns says.
The changes were made possible with the new ability to self-insure on some deals and the addition of a second mortgage insurer.
