Non Conforming Home Loans - Your Guide

Non Conforming Loans Podcast

With lenders tightening their lending criteria, you may find it difficult to obtain a Prime Bank home loan if your circumstances are out-of-the-ordinary.

Luckily, though, there are some non conforming alternatives for home loan applicants who are not able to meet this stricter lending criteria.

There are some other options you could consider before giving up on the purchase altogether. One of those options are a near prime home loans or a specialist home loan.

Non Conforming Loans offer alternative lending options to potential borrowers if they don’t meet the standard lending criteria.

You’ll typically not meet the criteria if you’re self-employed and don’t qualify for a bank loan or have a poor credit history. Even if you’ve previously been declared bankrupt, you could apply for a Non Conforming Loan.

Non-conforming loan applicants aren’t necessarily just those with a poor credit history. If you’ve just moved to Australia and lenders can’t verify your credit history, you could apply for a non-conforming loan. You can also apply if you’re short term employed, on probation or a casual worker.

You may have been declined for a low credit score or too many enquiries on your credit file as many lenders have a minimum credit score of between 650 > 700.

You may require CASH out to pay a tax bill or you may not have genuine savings for your deposit.

These loans work similarly to standard home loans. However, the main difference being the fee structure and the higher interest rate due to the risk of financing a non-conforming applicant.

Does this mean that you will be stuck with paying a high interest rate for the life of the loan?

Not necessarily, our loans are a vehicle to get you into a home. Once your meet the lending criteria of a Prime Lender you will be able to refinance to a more competitive rate.

Before making any commitments, it’s worth speaking to a mortgage broker first. An experienced mortgage broker can also help you find a lender and product most suitable to your personal circumstances.

if you have any questions about Non Conforming Loans - we’d be happy to help at www.NonConformingLoans.com.au