What to consider when applying for Home Loans – Bank vs. Non Banks When it comes to buying a house, one of the most critical factors is arranging home loans for the deal. Your home loan can be funded by the banks or alternatively, you can go the Non Bank Lending route. Making the right financing decision is crucial as you will be dealing with the mortgage for a significant portion of your future life. Following is a take [...]
Non Bank Lenders provide Solutions There are several factors that non bank lenders consider to sign off on a mortgage application. Just because you have a considerable size of the deposit, it does not mean that your lender will approve your mortgage application. According to a survey conducted by a Non Bank Lender "Non Conforming Loans Pty Ltd" about 30% of homeowners aged between 18 and 30 suffer from having a mortgage application declined from Major Banks compared to [...]
Non Conforming Home Loans have Solutions for People with Paid or Unpaid defaults In the past, lenders considered default history as the most damaging thing for a home loan. They rejected home loan applications of people with defaults in the past. But, today the condition is different. Fortunately, there are some non conforming lenders and credit providers who offer home loans to people with default history or low credit scores. Such loans are called bad credit home loans. Bad [...]
Non Conforming Lenders There are many reasons why people get turned down for a home loan by mainstream lenders/credit providers. You may not realise that one of the most common reasons is paying a bill late or defaulting on a loan repayment. Other reasons include having a part 9 debt agreement against you, a bankruptcy, a default on a credit card or a loan or having court judgements against you. Don't despair as non conforming home loans can give [...]
Home Loans after Bankruptcy in Australia? If you are a discharged bankrupt who is now looking to get home loans after Bankruptcy or considering refinancing your mortgage, you will experience that most mainstream lenders/credit providers choose not to offer loans to discharged bankrupts. While it is challenging as a discharged bankrupt to get a home loan, it is still very much possible because there are Non Conforming Lenders / credit providers that specialise in Home Loans for Discharged Bankrupts. [...]
Getting a Home Loan after Bankruptcy If you filed for bankruptcy, because, you were advised to do so by a business person such as a solicitor, you may have realised that getting a home loan after bankruptcy can be difficult: Bankruptcy can stay on your credit file for up to 5 years; and Bankruptcy can come back to haunt you when you are trying to get a home loan or refinance your existing loan from one of the major [...]
Home Loans for Ex Bankrupts At a time in your life for a whole variety of reasons, we may find ourselves overwhelmed by debt. When that happens bankruptcy can feel like a way out of a stressful position and can cause future financial issues. So what are the rules around getting a home loan after bankruptcy? Here’s what you need to know. What is Bankruptcy? Bankruptcy is a legal process that basically means declaring you can’t pay your debts. [...]
Refinancing your home loan to consolidate debt Here’s everything you need to know about refinancing your home loan to consolidate your debts into your home loan. How do you start your refinancing trip? Before making an application to refinance, consider your current financial situation along with your current level of monthly repayments to establish if there is a benefit in you consolidating this debt. In other words will you save on monthly out goings and repayments by consolidating this [...]
What is a Non Conforming Home Loan? A non conforming home loan is a home loan offered to borrowers who don’t meet the standard lending criteria set by banks and other major lenders. as an example if you've got a poor credit record, a past history of bankruptcy, or difficulty proving your income because you’re self-employed. If that sounds familiar, you’re in no way alone. Specialist lender Non Conforming Loans has estimated one in five people will require a [...]
Getting a home loan after bankruptcy in Australia to 95% LVR Having a bad credit history such as being a discharged Bankrupt or Part 9 when applying for a home loan doesn't always disqualify you for a mortgage. What it does mean is that the borrower will require a Non-conforming lender which may incure higher interest rates and costs. When someone files for bankruptcy, he or she is identified as an 'undischarged bankrupt', which confirms they are still within [...]