Non Conforming Loans
Non Conforming Loans
Non Conforming Loans are designed to assist those borrowers who do not meet standard lending criteria. These Loans are designed especially to assist a borrower in these circumstances.
Types of Non Conforming Loans that we can help you with:
(Click on a heading for more information)
The mortgage insurance in particular have been almost ruthless in their scrutiny of applications. Knowing what lenders and the insurers are looking for before you apply is now vital to avoid having your loan declined. It has never been more important to use the services of an expert Broker
We have Funders that will look at each application and base the loan on merit and other factors up to 95% LVR.
The following types of savings are considered to be genuine savings.
- Savings held or accumulated over 3 months.
- Term deposits held for 3 months.
- Shares or managed funds held for 3 months.
- Some funders will consider rental history as part of genuine savings.
We have options for low deposit loans up to 95% lvr without Genuine Savings
PAYG Contract Workers
Contractors can be sole traders with a registered ABN who invoice their employer or PAYG Contractors. An example of different types of contractors is listed below but is not limited to:
- Mining Contractors
- IT Consultants
- Construction Contractor
- Freelance Journalists
- Temp / Agency Worker
Short term employed
Most lenders require that you be working in your job full time for six months or more, we have several other lenders that can assist as long as you are now full time
Currently on Probation
Most lenders require that you be working in your job full time for six months or more, we have several other lenders that can assist even if you have been in your job on Probation and have worked in the same industry previously.
Casual Employment or Permanent Part Time
You can borrow up to 90% > 95% of the property value. If you are in a strong financial position and have been in your job for 6 months
The matrix below gives you an overview of product perimeters however it is best to phone or send in a contact form so we can analyse your unique circumstance.
Overtime and Shift Allowance
|100% accepted if length of employment criteria is met – over 12 months and demonstrated over last 12 months|
|Family Payments||100% accepted (Part A & B and Parenting, Disability, and Carers Payments)|
|Superannuation||100% may be used (pension or annuities)|
|Casual or Second Job||100% if 6 months continuous service (with 18 months in same industry previous)|
|Forms of Guaranteed Income accepted||
|Car allowance||100% may be added to gross taxable income and is applied to car loan or lease payments.|
|Fully maintained company car||$5,000 p.a. may be added to gross taxable income|
|Child Support /
child maintenance /
|100% accepted if the maintenance agreement is registered with the Child Support Agency.
Three months consistent payments can be evidenced via the borrower’s bank account statements.
If the property is less than 40 m2 the maximum LVR we can get for you is 80%. Usually the property would have to be located in an area with high demand. here is no defined minimum size.
Serviced apartments fall outside of the mortgage insurer‚Äôs scope of acceptable properties. For that reason the maximum LVR available would normally be around > 80% LVR if the property can be removed from the letting pool within a reasonable timeframe and there are no restrictions on permanent occupancy of the property under the management agreement. If these conditions are not available the maximum LVR would be 60%.
All Expat borrowers are limited to the following “Acceptable Countries” list^:
Tier 1 Countries: 90% Shading – Australia, Brunei*, Canada, China, France, Germany, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Philippines, Qatar, Saudi Arabia, Singapore, South Africa*, Switzerland, European Union, United Arab Emirates and United Kingdom.
Tier 2 Countries*: Shading on request – Brunei, South Africa.
- 90% of foreign income accepted* (PAYG only)
- Loan amounts up to $1,500,000
- 80% LVR (Interest only accepted)
- High Density Securities accepted at 70% LVR
- Australian Citizens & Permanent Residents accepted
• Acceptable Visas
Acceptable Non-Residents Residing within Australia:
309, 457, 475, 487, 820
Acceptable Visa Type for Permanent Residents:
100, 119, 120, 121, 126, 134, 175, 176, 801, 855, 856, 857, 885, 886, 887
- Salary and Wage Earners (PAYG) and Self Employed with 2 years lodged Financials ONLY
- Loan amounts up to $2,000,000 @ 65% LVR
- Owner Occupied or Investment
- FIRB approval (if required)
All Non Residents are limited to the following “Acceptable Countries” list^:
Tier 1 Countries: – Brunei*, Canada, China, France, Germany, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Philippines, Qatar, Saudi Arabia, Singapore, South Africa*, Switzerland, European Union, United Arab Emirates and United Kingdom.
Tier 2 Countries*: Others on request
- 80% of foreign income accepted* (PAYG equivalent or Self Employed with lodged financials)
- Loan amounts up to $1,500,000
- 75% LVR (5 years Interest only accepted)
- For purchases, refinance and equity release
- FIRB approval required
- Clear Credit History (foreign country credit report required)
We have mortgage brokers that specialise in Non Conforming Loans. Please complete our contact Form or Phone Direct and you can discuss your situation with an expert.
If you wish to proceed, then we will help you to complete all the necessary paperwork and liaise with the lender on your behalf. This will include the completion and submission of your home loan application and the on-going communication between all parties until your home purchase is settled.