Homeloans has launched a new product it says will help brokers cater to a variety of credit profiles.

The Accelerate loan is available in full or low-doc, accepts minor credit defaults greater than 12 months, ignores the number of previous credit enquiries for a client, and accepts self-employed borroers. The loaan also offers extended loan terms, no LMI up to 90% LVR, allows cash out and business use of funds and has no limits on debt consolidation.

Homeloans general manager of third party distribution Tony Carn said the product will allow brokers to cater to unique client needs.

"Brokers often discover that the profile of their client's application fails to meet the policy requirements of the lender. This may involve multiple credit enquiries, previous credit defaults, arrears or a whole range of contributing factors," Carn commented.

Carn contented that the Accelerate product provided a solution for such clients. He said Homeloans had piloted the loan over the past month, and received positive feedback from brokers.

"We have even received applications from brokers with an expectation that the loan would be assessed as an Accelerate home loan. It has been a wonderfully satisfying experience to alternately be able to provide an approval on one of our traditional products," he said.

The Accelerate loan is available for amounts up to $1.5m.