Non Bank Home Loan

Commercial Property Loan

When Is a Non Bank Home Loan Best?

Getting a loan from a bank isn’t the only way to access financing. If you are looking for a way to get a little extra cash but don’t have the best historical credit, you can still get help from non bank lenders in NZ that aren’t restricted by the standard bank regulations. Banks aren’t the only way to get financing. They are just the most common forms of financing and tend to have very reasonable rates. However, it can be difficult for everyone to access banks. It is common to get a “no” from a bank representative when there are issues of poor credit, no credit, bankruptcies, or more than average debt.

Don’t worry. These are common occurrences and there are other options. Non bank home loans or no bank home loans are possible for anyone looking for alternative ways to access financing for debt consolidation, refinancing, or even home improvements and remodels. If you need to look more into the specifics of these types of loans, a mortgage broker will be able to offer you customized advice based on your needs and your financial history. Remember that you shouldn’t let your past accounts to stop you from improving your life. The following information details the basics on non bank home loans. Start collecting your finances and developing a plan for the money.

What are non bank lenders in NZ?

When you hear non bank home loan or no bank home loan, don’t start to think of a shady loan shark or a payday loan business. Don’t think about scams or the mob. These aren’t unsolicited or unregulated businesses. They are fully regulated, fare, and on-the-level operations that allow everyone the ability to gain the benefits of financial freedom. Non bank lenders in New Zealand are regulated by the Reserve Bank of New Zealand. The wealthy and well-off aren’t the only ones who should have access to financing. All New Zealand residents deserve the right to access funds for debt reduction, home improvements, or even property investment. Upwards of 2% of all home loans are financed through non bank home loans and no bank home loans.

A non bank home loan or a no bank home loan is a financing business that isn’t a standard national bank like Bank of New Zealand, ANZ Bank New Zealand, ASB Bank, Westpac, Westpac New Zealand, Heartland Bank, Kiwibank, SBS Bank, Co-operative Bank, TSB Bank, or any of the others. These financing institutes focus on just loaning people money based on their needs and financial situation. Because they aren’t a central bank, they can base their qualifications on different standards and different terms. These create more flexibility in proving credit worthiness even if your credit history hasn’t been the best. If you are looking for a home loan but can’t get a traditional mortgage, non bank lenders in NZ can base their assessment on different standards.

What Types of Non Bank Home Loans and No Bank Home Loans are Available?

When you think of a non bank home loan or a no bank home loan, don’t think of just the traditional mortgage. There are plenty of other varieties that make up the plethora of financing options. Here is a list of the most common types that you will encounter. When you are ready to explore more options, you need to speak with a mortgage broker to fully inform you of your specific financing options and qualifications.

Non-Bank Long Term and Short Term Loans

Low DOC Home Loans

Not everyone even has the proof of income needed that most banks require. It could be because you have a non-traditional job or work as a contractor more sporadically. Inconsistent income can be a big red flag to traditional loan officers at banks. A mortgage broker can set up a financing plan with a loan officer that requires much less documentation and proof of income.

Tailoring Repayments

Since we work with so many lenders, we can help find one that will provide you the needed funds while also taking into consideration your budget; typically by lowing your monthly payments but extending out the payment period. 

Bad Credit Home Loans

Bad credit home loans are exactly what you think they are. Because everyone deserves to have the chance to own a home, non bank lenders in NZ specialize in offering loans to individuals with little or bad credit so they can have the opportunity to own a home. You will bring the credit and financial history you have to the mortgage broker and they will be able to create something that works for every situation.

What are Common Circumstances for Non Bank Home Loans Or No Bank Home Loans?

The most common circumstances surrounding non bank home loans are associated with bad credit or poor financial documentation. If you are looking to get a loan for either a new home, a renovation, property acquisition, or even a business startup, non bank lenders in NZ can offer you the best financing based on the information that you do have and the credit that you have built.

For a specialized financing package, a mortgage broker will be able to find the best non bank financing officer for your needs and circumstances. Don’t let banks continually say no and keep you from your dream home or climbing out from under your debt. Instead, look to a non bank lender in New Zealand to help you out with a loan based on your financial circumstances.

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