With all the talk around 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 around five years here and in Australia 30 years. Have solutions for high loan to value needs. Self employed with no financials and right through to a discharged bankrupt seeking an 80% mortgage with impaired credit a specialty.
Sovereign Home Loans
Funded by ASB and been around for years. Really sharp rates and as they are not a bank have greater leeway in making lending decisions.
NZCUBaywide
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 do great personal loans often bundled to make the mortgage work.
Liberty Financial
The only non conforming lender trading in New Zealand to stay open in the GFC. Huge parent company in Australia gives them a lot of 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.
Avanti Finance
Been around for years in the personal and secured loan business, recently launched a range of long term mortgages. Can be a bit more expensive than some but known for their ease of dealing with and minimal conditions.
Basecorp Finance
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 is 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.
Six of the Best
Resimac Home Loans.
The only true ‘all status’ lender in New Zealand, been around five years here and in Australia 30 years. Have solutions for high loan to value needs. Self employed with no financials and right through to a discharged bankrupt seeking an 80% mortgage with impaired credit a specialty.
Sovereign Home Loans
Funded by ASB and been around for years. Really sharp rates and as they are not a bank have greater leeway in making lending decisions.
NZCUBaywide
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 do great personal loans often bundled to make the mortgage work.
Liberty Financial
The only non conforming lender trading in New Zealand to stay open in the GFC. Huge parent company in Australia gives them a lot of 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.
Avanti Finance
Been around for years in the personal and secured loan business, recently launched a range of long term mortgages. Can be a bit more expensive than some but known for their ease of dealing with and minimal conditions.
Basecorp Finance
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 is 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.
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