Many Kiwis turn to the mortgage industry when facing a life-changing event. These can include redundancy, a relationship breakdown, reduced hours or a business failure.
Non-bank lenders are growing in popularity because they offer a variety of lending solutions. These include long and short-term property finance and bridging loans. For more information about the non bank lenders NZ, click here.
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Jeff Royle has been helping people realise their property goals for over 30 years. Moving to New Zealand in 2006, he immersed himself in the local non-bank market, quickly becoming the ‘go-to’ adviser for clients and Mortgage Advisers.
The lender offers mortgage broker services and specialises in low deposit, self-employed, bad credit, and out-of-the-square situations. They are considered ‘probably the best mortgage brokers in NZ for those difficult situations’, with hundreds of reviews on Trademe and Google.
Heather joined iLender five years ago and recognised that the brand needed a refresh to showcase its approach to mortgages. She engaged a designer to give their logo a clean, modern look to demonstrate their care to each client. It helped them stand out in their crowded market.
Near Prime Loans
Non-bank lenders are a viable option for Kiwis who can’t secure financing from the banks, especially with the ongoing restrictions imposed. The lender is a leader in Non-bank mortgage lending and can help you get on the property ladder with a specialist loan that doesn’t require the lender to dig through your financial life and won’t have the exact credit score requirements.
Specialist loans are also available for self-employed borrowers who have experienced a ‘life-changing event’ such as redundancy or relationship breakdown. These specialist loans are often offered at a higher interest rate but can decrease over time to match bank rates.
If you have a customer looking to secure a near-prime loan, complete a solid full-doc application and pay special attention to the income section of their statement. Tools like the Xero Business Finance Pack can save you time and ensure you have all the information ready for the lender.
Investment Loans
Non-bank lenders can be mortgage brokers or financiers licensed to offer lending services. They can provide various financial products and are often seen as second-tier lenders.
They can provide short-term or long-term mortgage solutions, including specialist loans for recently self-employed Kiwis and those who may have experienced a life-changing event such as redundancy, relationship breakdown or business failure. These loans typically have a higher interest rate. However, they decrease over time to match bank rates.
With many banks becoming stricter with their financing year after year, it has become challenging for Kiwis to get the funding they need. As a result, non-bank lenders are increasing in popularity as a solution. Unlike central banks, they don’t have to follow the same rules and will allow you to borrow at a higher LVR than a bank can.
No Bank Statements
A non-bank lender is a finance company that doesn’t hold an authorised deposit-taking licence. They typically offer mortgages and short-term lending solutions. Generally, they are better for home buyers who’ve been declined by their banks or had issues with their credit rating.
Some New Zealand homeowners find it challenging to get a bank loan, mainly if they don’t tick the usual boxes or have a squeaky-clean credit rating. But that doesn’t mean your property investing and home ownership dreams are out of reach.
The non-bank market has increased and is revolutionising the mortgage industry. iLender is proud to support this growing sector actively. We are a leading mortgage broker for several well-known non-bank lenders. Contact us today to discuss your options with a specialist mortgage advisor. We can help you explore near prime, specialist, short-term and second/caveat lending options that may be available. We aim to make it fun and easy for you to take the first step on your home ownership journey. For more information about the non bank lenders NZ, click here.
