Homeloans Ltd has added what it calls a near-prime loan to its product range. The loan, Accelerate, is available to borrowers with credit defaults and comes in full-doc and low-doc versions.With rates set on a risk-rated scale of up to 200 basis points over standard variable rates, the loan is supported by wholesale funding from Pepper Homeloans.Pepper has been more active in the non-conforming market since completing a A$260 million issue of non-conforming residential mortgage-backed securities in January.Homeloans' general manager of third-party distribution, Tony Carn, said: "Accelerate is for borrowers who fail to meet the policy requirements of a standard loan."In its approval process, Homeloans will not consider the number of previous credit inquiries or minor credit defaults that are more than 12 months old.The purpose of the loan, such as paying a tax debt, will also not be considered.Homeloans will offer extended terms and there is no lenders mortgage insurance below a 90 per cent loan-to-valuation ratio.It is available to self-employed borrowers with a minimum of 12 months' ABN registration or six months' GST registration.Carn said Homeloans had been trialling the product for a month before announcing its launch last week. He said the response from brokers had been strong.