Non-conforming Home Loans
Non-conforming home loans allow borrowers who do not meet the credit criteria of mainstream lenders to potentially secure home loan finance.
A non-conforming loan may suit you if you are:
- Credit-impaired
- Self-employed
- Non-resident
- New resident
- Security-impaired
- Have a low or no deposit
- Casual or seasonal worker
- Older borrower
Non-conforming home loans are a lot more flexible than in the past and may be available as a variable, fixed or split rate loan, and have many of the features of a more traditional loan available, such as offset. The interest rate and/or fees on non-conforming home loans are generally higher.
This may also be an option if you need to repair your credit rating, and some lenders will allow you to refinance into a more traditional style home loan after a period of time if you have a good repayment history.
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