What is Non-Bank Lending?

by Feb 2, 2016Mortgages, Non-Bank Lending

what-is-non-bank-lending

In the past, home buyers had only banks, credit unions and building societies to apply to for a home loan. For New Zealanders with low income, self-employment, or less than ideal credit history, it could be very difficult to find a bank or credit union willing to approve their home loan application.

Luckily, non-bank lenders have become a very popular alternative to bank loans, making home ownership possible even for those rejected by the banks.

Non-bank lending refers to a loan obtained through an institution other than a bank, credit union or building society.

Non-bank lenders are privately owned, typically relying on wholesale sources to get their funding. Their services include basic and fully featured home loans, line of credit loans, low doc loans, reverse mortgages and bad credit loans.

Who Can Benefit from Non-Bank Lending?

If you’ve been rejected for a home loan by the banks, you may be feeling like you’re out of options, with your dream of home ownership fading into the distance. Don’t panic! There are options for you to explore.

Non-bank lending through a professional mortgage broker provides an alternative option for New Zealanders with:

  • Low documentation about their income
  • Less than ideal credit history
  • Low deposit for a home loan
  • Are self-employed

If you’ve been denied a home loan for any of these reasons, look into non-bank lending as an alternative solution for you.

What are the Benefits of Non-Bank Lending?

The obvious and primary benefit of non-bank lending is its ability to help New Zealanders secure a loan to fulfil their homeowner dream.

How Does Non-Bank Lending Compare to Bank Lending?

The main advantage of non-bank lending is the flexibility in criteria, and the ability to offer New Zealanders home loan options even when rejected by the banks.

In terms of customer service, non-bank lenders have a large advantage over banks, providing more personalised tailored service to their clients and offering the alternative solutions they need. A lot of people turn to non-bank lenders because of a bitter experience with banks – and once they’ve experienced the high quality service offered by an expert mortgage broker they’ll rarely return to the banks!

With a non-bank lender, you’ll be more than just a number.

Talk to a Professional Mortgage Broker about Alternative Options

If you’ve been rejected for a home loan by the banks, why not look at your alternative options with non-bank lending? A professional and expert mortgage broker will be able to help you with non-bank lending, making home and land ownership possible even when the banks have thought otherwise.

iLender are New Zealand mortgage brokers with over 20 years experience in non-bank lending at competitive rates. The iLender team specialise in finding home loan solutions for more difficult mortgages, such as low deposit, low documentation and bad credit history.

Call 0800 LENDER (0800 536 3370800 536 337) or simply contact us online to speak to a friendly iLender advisor about a non-bank lending solution.

About iLender

At iLender we put your best interests first and not the Bank – our advice is unbiased 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!

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