Kevin Hillgren, chief executive officer Victoria Mortgages, outlined the new offering: “Our near-prime range starts at 5.45% for a self-cert fixed-rate product and variable rates begin at 4.81%. The new near-prime range is designed for the fastest growing segment in the market – borrowers who have the odd consumer or credit card hiccough, be they first time buyers or current mortgage borrowers who have been good payers on their existing mortgage.
"Our near-prime range goes up to 90% LTV plus completion fees. Fees payable to the brokers will be half a percent.
"Victoria has shown itself to be at the forefront of the market in the heavy adverse arena and we are now ready to bring our service standards to the near-prime sector. These standards include a guarantee to turn around a fully packaged application within 24 hours."
