Our Near-Prime Product provides flexible lending solutions for borrowers with paid or unpaid defaults, where unpaid defaults are paid out at settlement. It can be used for a variety of personal or investment purposes, subject to meeting the qualifying criteria.
Credit History:
This product is well-suited for:
| Loan Purpose | Suitable for purchasing, refinancing, or releasing equity in owner-occupied or investment residential properties. |
| Maximum Loan-to-Value Ratio (LVR) | Up to 80%. |
| Maximum Loan Amount | <70% LVR = $5.0m; ≤80% LVR = $3.0m. |
| Maximum Loan Term | 30 years |
| Repayment Structure |
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| Repayment Options | Weekly, fortnightly, or monthly payments. |
| Redraw Facility | Available |
| Extra Repayments | Permitted |
| Ongoing Fees | $15 per month account administration fee |
Alt Doc Near-Prime offers flexible lending solutions for self-employed borrowers who require alternative income verification. It can be used for a variety of personal or investment purposes, provided the qualifying criteria are met.
Credit History:
This product is well-suited for:
A: A near prime home loan is a mortgage designed for borrowers who don't fully qualify for a standard (prime) loan, typically due to minor credit impairments such as small defaults or a history of late payments. Near prime loans apply more flexible credit assessment criteria while still providing structured loan terms for borrowers working to stabilise or improve their financial position.
A: VMG's Near Prime product is available to individuals, self-employed borrowers, and small business owners who have paid or unpaid defaults (unpaid defaults are cleared at settlement). It is suitable for purchasing, refinancing, or releasing equity in owner-occupied or investment residential properties, with a maximum LVR of 80% and loan amounts up to $3m (Full Doc) per security property.
A: Near prime loans are designed for borrowers with minor credit impairments — such as small defaults or isolated late payments — who are broadly in a stable financial position. Specialist loans are for borrowers with more significant credit challenges, including multiple defaults, discharged bankruptcies, or complex financial circumstances. The key difference is the severity of the credit history and the level of individual assessment required.
A: Yes. VMG's Alt Doc Near Prime product is available for self-employed borrowers who require alternative income verification rather than traditional payslips. Income can be verified using BAS statements, management accounts, or bank statements. This option is available for borrowers with defaults or late payments, for personal or investment lending purposes.
A: VMG's Near Prime loan offers Principal and Interest (P&I) repayments as well as Interest Only periods of 1 to 5 years, reverting to P&I thereafter. Repayments can be made weekly, fortnightly, or monthly, with a redraw facility and extra repayments available. An ongoing account administration fee of $15 per month applies.
Please allow our team 24-48 hours to review your documents and get in touch. For urgent assistance, call us at 8600 7900.
You can give us a call at 03 8600 7900 to clarify your questions.
