With plenty of talk around Bank lending getting harder, there’s not much about the options.
Over the years Banks here have done a great job at being seen by many Kiwis as their only option for home loans.
This is definitely not the case and listed below are ‘Six of the Best’ alternatives…
most of which are funded by Banks – but just priced and labeled differently.
1. Resimac Home Loans
The only true ‘all status’ Lender in New Zealand, they have been lending for around five years here and 30 years in Australia. They offer borrowers solutions for ‘high loan to value’ needs. Self employed with no financials and even a discharged bankrupt seeking an 80% mortgage can be considered and people with impaired credit is also a specialty.
2. Sovereign Home Loans
Funded by ASB, as a Lender they have been operating here for years. Really sharp rates are offered 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 a flexible approach to lending in general. Not governed by the Reserve Bank restrictions and no ‘tick box’ here, keeps lending local too. Also offer great personal loans that can be bundled to make the overall borrowing work.
4. Liberty Financial
The only ‘non conforming’ Lender trading in New Zealand to stay open for business in the GFC! Huge parent company in Australia, gives them a lot of 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.
5. Avanti Finance
Been around for years in the personal and secured loan business and recently launched a range of long term mortgage products. Turn applications round quickly and known for their ease of dealing with and minimal conditions.
6. Basecorp Finance
Like Avanti, they have been around for years in the short term lending market and recently launched a long term product. Of all the above Lenders they are probably the easiest to deal with in their market, offering lightning responses and minimal conditions. They instruct the customers Solicitor, so saving 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 is growing with another mortgage provider launching anytime 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.
What to do if you reach a ‘Road Block’ with the Bank…
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.
Contact the team at iLender 0800 LENDER (536337) and they’ll select the most appropriate Lender to your needs and get you sorted quick smart!
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!