|

About
25% of home loan applications are rejected by the banks in
Australia, so difficulty in obtaining a home loan is a fairly
widespread problem.
However,
many people don't know that in the last 7 years a number of
lenders have established themselves to fill this gap.
These
lenders are known as non-conforming, or sub-prime lenders, and
they provide home loans to people in the following categories:
|
Self-Employed
People |
This
includes those with no tax returns and no proof of income
(i.e. "No Docs")
|
|
Recent
Arrivals to Australia |
Recent
immigrants who have no established credit history
|
|
Non
Residents |
This
includes Australians living overseas and non-Australian
residents
|
|
Credit
Impaired |
Those
with a chequered credit history which might include loan
defaults, judgements, or persons who have been discharged
from bankruptcy
|
|
Deposit
Impaired |
People
who have less than 5% or 10% of the deposit saved for their
property, or who have an inadequate savings history
|
|
Income
Impaired |
Low
income earners, seasonal, casual, part-time or contract
workers
|
|
Security
Impaired |
For
loans secured by a country or regional property, or by
company title units or serviced apartments
|
|
Temporarily
Unemployed |
Those
who’s credit history has suffered due to a period of
illness or unemployment preventing them working
|
|
Failed
Business |
Those
who’s credit history has suffered due to a failed business
|
|
Investors |
Those
who’s income source fluctuates or is harder to document
|
|
Older
Persons |
People
55yrs or older, including those who’s sole source of
income is the aged pension
|
|
Unemployed
Persons |
This
includes people on sickness benefits, as well as unemployed
CentreLink beneficiaries |
Non-conforming
lending can be secured for both individuals, as well as for
companies or trusts. More information on this type of lending can
be found in our article on Non-Conforming
Lending.
Non-conforming
lenders are generally accessed through a mortgage broker.
Financially
Free.com.au can recommend a mortgage broker
which deals with clients Australia wide and who provide access to
non-conforming lending via all 4 of the main non-conforming
lenders. This broker does not charge any fees for arranging loans on
behalf of clients - they simply get paid a commission from the lender
with whom you end up sourcing your loan.
The
deal we've negotiated allows us to provide
you with a number of bonuses for contacting this broker as our
referral. You will need to use the
submission form on our broker contact page
though so both we and the broker know that you have come through as a
referral from us.
Click
here to find out more about
this broker and our offer.

|