Lo-doc for Christchurch
Specailist lender Liberty Financial says lo-doc lending is needed in Christchurch following the earthquakes.
Thursday, April 4th 2013, 8:44AM
Liberty has conducted a review of the Christchurch reagion and updated its policies and risk metrics as a result of this exercise.
Liberty New Zealand director Peter Rollason says "we will lend again in Christchurch."
While the main stream banks all offere special deals to Christchurch people this is mainly for prime lending he says. The new opportunity in the market is for specialist lending and lo-doc loans.
Rollason says since the earthquakes many people have lost income and jobs and consequently may have some blemishes on their credit history.
In addition to that there has been a trend for Christchurch people to move from being employees to being self-employed. As they have less than two years of history with their own businesses it is difficult to get home loans or finance from the banks.
Rollason says there is a lot of unfullfiled demand for this sort of lending in Christchurch and Liberty is prepared to step in.
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