Near prime home loans for mortgage brokers
1. What is a near prime home loan from Blue Whale Money?
In short: Blue Whale Money Near Prime is a residential non-bank home loan for individuals, companies, or trusts who may sit just outside clean Super Prime or Prime credit settings — for example mild arrears or older defaults — while still fitting published LVR and loan caps. It supports Full Doc and Alt Doc, with a published maximum LVR of 80%, maximum loan $3,500,000, maximum borrower exposure $5,000,000, and maximum term 30 years in the May 2026 Product Guide.
In search language, “easy” or “flexible” often points to this SKU or to Alt Doc pathways — that means flexible criteria within printed policy, not guaranteed approval, pre-approval, or no-assessment lending. Every application is subject to full credit assessment.
2. Key limits (at a glance)
Published maximums from the May 2026 Product Guide (§13 Near Prime). Always confirm against the guide in force at submission before quoting a client. Interest rates are not published on this page.
| Limit | Cap (guide) |
|---|---|
| Borrower type | Individual / company / trust |
| Maximum LVR | 80% |
| Maximum loan amount | $3,500,000 |
| Maximum borrower exposure | $5,000,000 |
| Maximum loan term | 30 years |
| Documentation | Full Doc + Alt Doc |
3. Who it suits / who it is not for
Suits: Brokers placing clients with mild credit events, shorter employment history, or Alt Doc needs who can stay within 80% maximum LVR and Near Prime loan / exposure caps.
Not for:
- Applications needing above 80% LVR on this SKU
- Discharged bankruptcy on this product (printed No)
- SMSF trust purchases (use SMSF home loans)
- Commercial security (use Commercial)
- Anyone reading “easy home loan” as guaranteed, pre-approved, or no-assessment lending
4. Documentation pathways (high level)
- PAYG: 2 payslips plus one of: income statement, employment letter, or 1 month bank statement.
- Self-employed Full Doc: 1 year of company and individual tax returns; 1 year financial statements and either latest financials with an accountant’s letter, or previous year’s financials with a Notice of Assessment.
- Self-employed Alt Doc: Declaration of financial position plus one of: accountant letter, 6-month BAS, 6-month bank statement, or ATO portal.
- Self-employed guide minimums on Near Prime: ABN 12 months / GST registered 6 months.
- Employment tenure (guide): full-time / part-time 3 months current / 12 months industry; casual 6 months current / 12 months industry.
Full Doc and Alt Doc are documentation options within published policy — they are not an approval promise. See also Alt Doc and self-employed page briefs when live.
5. Policy notes (high level) — arrears & defaults
- Cash-out: unlimited for acceptable stated purpose
- Debt consolidation: Yes
- Vacant land: Yes (up to 75% LVR, investment only)
- Inner-city high-density apartments: Yes
- Mortgage arrears: up to 1 month
- Other arrears: up to 3 months
- Discharged bankruptcy: No
- Defaults (printed): Unlimited (paid/unpaid) when listed > 24 months, or paid $2,500 if listed less than 24 months
- Serviceability (printed): NSR 1.0x
- Location categories: Cat 1, 2, 3 and 4 (pricing subject to location Cat — rates not listed here)
Definitive wording lives in the Product Guide version in force at submission. These notes match live loan types — Near Prime and the non-bank FAQ Near Prime depth.
6. Near Prime vs Super Prime vs Prime (no rates)
| Super Prime | Prime | Near Prime | |
|---|---|---|---|
| Borrowers | Individuals only | Individual / company / trust | Individual / company / trust |
| Max LVR | 90% (LMI >80%) | 85% (LMI >80%) | 80% |
| Max loan / exposure | $2m / $2.5m | $3.5m / $5m | $3.5m / $5m |
| Max term | 30 years | 40 years | 30 years |
| Docs | Full only | Full + Alt | Full + Alt |
| Credit posture | Strictest residential | Standard flexible | More flexible arrears/defaults within printed rules |
See also: All loan types · Expat home loans · SMSF home loans · Blog — SMSF broker path · Blog — Expat broker path
7. Broker FAQ (mini)
What is a near prime home loan in Australia?
A near prime home loan is a residential mortgage pathway for borrowers who sit just outside clean prime-style settings, assessed under structured non-bank policy. It is not guaranteed approval. Blue Whale Money’s Near Prime product publishes maximum 80% LVR, $3.5m loan, $5m exposure, and 30-year term in the May 2026 Product Guide.
What does “easy home loan” mean for Blue Whale Money?
Safer broker phrasing: flexible criteria within published LVR and policy caps; Alt Doc and Near Prime may suit clients who do not fit bank settings; always subject to full credit assessment. Do not say: guaranteed approval, pre-approved, no-doc approval, or “easy money.”
What arrears and defaults can Near Prime consider?
Per the May 2026 guide: mortgage arrears up to 1 month; other arrears up to 3 months; discharged bankruptcy No; defaults unlimited (paid/unpaid) when listed > 24 months, or paid $2,500 if listed less than 24 months. Confirm before quoting.
Does Alt Doc mean guaranteed approval on Near Prime?
No. Alt Doc is a documentation pathway. All credit decisions follow full assessment against Blue Whale Money credit policy.
When should I use Prime instead of Near Prime?
Use Prime when the file fits cleaner credit settings and you need up to 85% LVR and/or a 40-year maximum term. Use Near Prime when printed arrears/defaults flexibility or shorter ABN/GST tenure is the driver — still within 80% LVR.
8. How brokers proceed
- Match the client profile on loan types — Near Prime (and this page).
- Download the current Product Guide (PDF) and confirm Near Prime criteria — including arrears/defaults — before quoting.
- Confirm accreditation and submit via Blue Whale Money — info@bwmoney.com.au · 0451 501 065 · Contact.
9. Important information
- Product criteria, fees, and policy settings are subject to change without notice on this webpage.
- Brokers and clients must refer to the current Blue Whale Money Product Guide (version in force at submission) for definitive limits, fees, and eligibility. This page pins the May 2026 guide.
- Information here is general and educational for broker research. It is not a credit offer, pre-approval, or guarantee of loan approval. All credit decisions are made after full assessment against Blue Whale Money credit policy.
- Interest rates are not published on this page.
- “Easy” or “flexible” language on this site means criteria within published caps — never unrestricted or guaranteed lending.
- Lender brand on this site: Blue Whale Money only (Blue Whale Capital Pty Ltd, ABN 19 675 933 123). ACL 566116.
- Contact: info@bwmoney.com.au · 0451 501 065 · Suite 8C/277 Lane Cove Rd, Macquarie Park NSW 2113 · www.bwmoney.com.au
