We are excited to announce the addition of non-bank lender Wave Money to our lender panel, expanding the lending solutions available to YBR brokers.
Wave Money is a rapidly growing non-bank lender designed to deliver more solutions with less effort for a growing number of borrowers particularly those with more complex lending requirements.
Wave Money’s service and relationship model has been built around brokers enabling direct access to their experienced team of lending managers who work directly with brokers to workshop client scenarios to understand the unique circumstances of each client.
At any time in the lending process (from scenario to settlement) you can pick up the phone and have a conversation with the lending manager who is responsible for the loan file.
Accredited YBR brokers can now access Wave Money solutions via Salestrekker.
Wave Money Accreditation
Accreditation with Wave Money is simple and efficient, click here to become accredited with Wave Money.
Why more brokers are using Wave Money?
Below is a summary of the key product and policy highlights:
- Generous Servicing Calculation (Now available via Quickli)
- 2% buffer on Wave Money loans only – no buffering on OFI loans
- Real-world application of living expenses – declared expenses from the borrower or HEM (whichever is higher) with full transparency on the calculator.
- Credit Card Flexibility: Regardless of credit limits, if the card has been paid in full for the most recent three months, it is excluded from servicing calculations.
- Housemate rental income (shaded to 80%)
- Flexible Approach to Acceptable Income: 100% where it makes sense (overtime, commissions, bonuses, dividends, permanent pensions, disability pensions, child support, and family maintenance)
- Flexible Approach to Acceptable Employment: PAYG, self-employed, employees in probation periods, permanent part-time, casual, and contract workers.
- Self-employed Alt Doc to 80% LVR (simple and straightforward accountant declaration and verification) 12-month ABNs can be accepted
- Max LVR of 85% (No LMI) for PAYG & Full Doc self-employed
- Debt Consolidation (ATO debts accepted with no limits, it just needs to make sense)
- Unlimited Cash Out (any worthwhile purpose including business purposes)
- Residual stock (for Refinance and Cash Out on residential properties completed within 12mths and to be retained by the developer)
- Larger loan amounts (up to $3m)
- Interest only loans available for OO
Broker Tools & Resources
For more information on your Wave Money state contacts, refer to your PSM or state manager.