Are you one of those who may have failed to meet the strict home loan requirements of the major banks? Don’t worry, you may still find the mortgage solution through a specialist non-bank lender.
There are thousands of Australians who are turned away by the traditional lenders. This could be because they are perhaps self-employed and haven’t got the required financial records, or they have a poor credit history.
With official interest rates rising 400 basis points since May last year, many people are also being denied home finance because they fail to meet the major bank’s criteria for capacity to repay a loan.
But a broker with the support of a specialist lender can help people in these situations to find an affordable financial solution.
Brokers take time to talk to and really understand their customers, instead of only looking at surface level indicators like credit scores. When a client’s circumstances are properly explained, a broker can find them the right loan with a specialist lender. It’s estimated that specialist lending accounts for approximately $2 billion of the annual mortgage market in Australia.
Brokers and specialist lenders make a difference by helping people who have been rejected for finance by the big banks. With some assistance, these people can get their finances on track and make their way onto the property ladder and achieve the great Australian dream!
Brokers will know when a specialist loan may be what is required to get someone who doesn’t pass the traditional lender’s checklist. They can help you navigate the myriad of options in alternative documentation and credit-impaired lending.
Get in touch with us to find out more about specialist lending!