Non Conforming Loans  

 

 

 

 

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Non Conforming Loans  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non Conforming Loans

 

 

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.

 

The Elevation Group