With lots of talk about Bank lending getting harder, I thought a bit on Non Bank Mortgage Lenders was appropriate to the conversation.
‘Six of the Best’…
Resimac Home Loans:
The only true ‘all status’ Lender in New Zealand. Been here over 5 years and in Australia 30 years. Solutions for high ‘loan to value’ needs, self employed with no financials and even a discharged bankrupt seeking an 80% mortgage, as impaired credit a specialty.
Sovereign Home Loans:
Funded by ASB and been established for years. Really sharp rates and as they are not a Bank, they have greater leeway in making lending decisions.
NZ owned Lender really good at high ‘loan to value’ lending for First Home Buyers and has a flexible approach to lending in general. Not governed by the Reserve Bank restrictions and no ‘tick box’ here, keeps lending local too. Also do great personal loans, often bundled to make the mortgage work.
The only non conforming lender trading in NZ and to stay open in the GFC. Huge parent company in Australia gives them great financial strength. Can be a challenge to deal with if not familiar with their systems, but they do have a great range of products and lend at lower $ figures than most.
Been around for years in the personal and secured loan business. Recently launched a range of long term mortgages. Turn deals around quickly and known for their ease of processing and minimal conditions.
As Avanti, been around for years in the short term market and recently launched a long term product. Of all the above they are probably the easiest to deal with in their market, with lightning responses and minimal conditions. They instruct the customers Solicitor, which saves an additional legal fee too.
The above are Mortgage Lenders. Some do short term bridging and personal loans too. There are also at least another dozen short term lenders in the market and this whole sector’s growing with another mortgage provider launching about now.
Core Finance are a great Second mortgage provider and one of the few who do not require the Banks consent to register their charge.
So, if your needs and or circumstances prevent the Bank from lending, it’s good to know there are viable alternatives to get you where you want to go.
0800 536 337 is the only number you need to call – look forward to chatting with you soon!
At iLender we put your best interests first and not the Bank - our advice is impartial as all Lenders who we do business with pay about the same in commissions.
Although we are Auckland based Mortgage Brokers, we help customers everywhere in New Zealand and overseas with buying property in New Zealand, as we are very much about online and giving advice here and now!