Bank said NO? contact your mortgage broker

NON CONFORMING HOME LOANS - Any loan outside normal bank criteria AUSTRALIA WIDE

• It is common to hear that valuation was too low, I did not get sufficient loan to buy a house. Value assessment for one bank may be by one panel and for another, some one else. This means by going to another lender you could get your home loan. In a situation like this our mortgage brokers will able to help you as they have access to many lenders.

• Some customers understand restrictions put in by mortgage insurers. Therefore they look for NO LMI home loans. Some lenders offer them to 90% LVR. Higher interest rates and risk fee will apply but then you get your loan too.

• Each bank has it's maximum and minimum home loan size. If you need a high LVR, please look for mortgages less than 1 million dollars. Jumbo mortgage loans are available to 10 million dollars for investments at lower LVR.

• Size of a apartment does matter to many lenders. A few lenders consider mortgages for apartments less than 50 sqm at lower LVR or 50 Sqm plus at higher LVR. If more lenders offer home loans, then your chances to get better mortgage interest rate is higher.  

• Unit blocks or houses under one title you can purchase on a mortgage. It is hard to sell as most buyers are not investors. We can find home loans for you but remember it is hard to find high LVR on these mortgages.

• Serviced apartments, student apartment & units in high rises are difficult type of property to get a mortgage. These have very small  living space and have made for a specific purpose.

• 85% Low Doc home loans are specialised lender mortgages. Non conforming lenders create home loans that are normally not available. Higher the risk there are additional fees they will charge. A lo doc without BAS will be much more expensive for this reason.

• 70% No Doc home mortgage @ high risk interest rates may be possible without ABN. They are not common products, but these mortgages are available.

• 95% LVR plus home loans are available for customer who have no savings history. These full doc loans are therefore treated as 100% mortgages ( no deposit mortgage ). If you have 3 months savings history to prove 5% deposit and also cash to meet other loan related expenses, then you will be offered a lower interest rate. This apply to investors & owner occupied customers.

• A home loan refinance with cash out or debt consolidation is allowed to 90% LVR. Refinancing one to one basis is possible to 95% based on full documentation.

• There are home loans for people with one or two paid defaults that are less than $1000 in total. If these are not to a financial institute there are good chances that you can go to a few lenders for a loan. It is much less headache if the total value is less than 500$ and was against a Telco. Amount matters as well as to whom and whether they have been paid or not.

• Discharged bankruptcy records will get erased after a few years from your bad credit file. Then you can apply for normal loans. There are mortgages for customers who have unlimited paid defaults as well. Your home loan interest rate will be higher and a lower LVR will apply. These bad records have to be registered at least 2 years before your new finance application.

• Home loans while on probation period is OK for some lenders. If you have been in same industry and in similar jobs for 2 years, we may find a full doc mortgage for you.

• Our lenders may consider part time or casual second job income for mortgage service calculator. This help you with the home loan affordability. If this is the reason why your bank said no, then we can help you.Some lenders treat regular pensions, bonuses & dividends as income for loans assessment as well.

• POST CODE restrictions for one mortgage lender is different to another. We serve many home loan lenders. This help us to take you to another lender who will say yes to your request.

• Acreage mortgages over 100 acres we have home loan lenders. Larger the mortgage lower the LVR. The road access, power and water license are a few things they will consider before approving your loan.

• Commercial mortgages for shops, factories, offices up to 80% LVR available. Petrol Service Stations, Aged Care Facilities, Childcare, Hotels, Pubs are other assets against which business loans are available, lower LVR apply. 100% project cost on end value basis also available.

• Car loans vehicle lease home mortgages for credit impaired are available. Customer need to be a full doc applicant to get lower LVR on them. There are no personal loans we consider under this category.

• Any Other Reason