Banks are abide by a uniform code of conduct. Basic regulations are the same
for any bank. Within the code, they promote their home loan products and achieve their
objectives. One may sell mortgage interest rate 10 cent less than another for one product
and recover more from fees & charges.
Non conforming lenders do not abide by some of these
regulations. They take higher risk and sell mortgage products with higher interest rates.
Yet they could be the best home loans available to you.
When bank say no you may
look at other opportunities. Common type of high demand properties are the
best securities. Rural acreage small units less than 50 sqm 85% LVR low doc
loans 90% bad credit mortgage are a few falling to this category.
A mortgage broker has
access to most of lenders whether they are a bank or otherwise. They are EXPERTS
in their profession and will be aware where most products exist. Customers who
may not have this knowledge may try one or two lenders and may end up with wrong
loan.
Lender decide interest
rate for each product whether fixed interest rate or variable. This include a
portion that is paid to the promoter, a broker for his service. When you go to
bank direct probably it become a clean profit to the bank, not a saving to you. Home loan
brokers are paid by the lender. Therefore unless under special situation, a
broker will not charge fee from you, lender will pay commission to him.
You may find instances when bank / lender
cannot help you. An Australian mortgage broker will then take you to a company
who could help you.
Check how we could help with your bad credit auto loan, business loans, commercial
leasing, refinance, car finance ....
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Bank said NO? contact experts
NON CONFORMING HOME LOANS - Any loan outside normal bank criteria AUSTRALIA WIDE
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Small city apartment less than 50 Sqm, talk to us
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Up to 8 units under
1 title
- New to job and under probation period
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Serviced apartment
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Rent buy scheme
- Over 80% loans with no LMI
- 85% Low Doc home loans
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97% LVR or 100% home loans ( no deposit mortgage ) where possible
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One or two paid default
credit impaired customers 90% LVR
- Bad credit customers looking for 85% LVR
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Discharged bankrupt
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Part time or casual second job income for service calculator
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Pensions, bonuses & dividends as income for loan assessment
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POST CODE restrictions
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Rural acreage
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Any Other Reason |