Non Bank Lender
Non Bank Lenders in New Zealand play an important part in our financial system which can allow people to get a loan even if they aren’t meeting the usual criteria set out by the banks. Many New Zealanders currently have loans with non bank lenders and are enjoying the great privileges they offer. Want to learn more about applying for a home loan with a non bank lender? Internally, the adviser also has a list of non bank lenders in New Zealand.
Non bank lenders are helping New Zealanders
Kiwis are happily enjoying home loans with non bank lenders. Rather than going to a bank to get a home loan, a non bank lender can offer a more far-reaching offering. This might mean being able to get a home loan if you would not necessarily normally qualify. Or you could potentially get a better deal than what some of the banks offer.
Examples of reasons to use a non bank lender:
- Refinancing out of a bad situation; such as if you need help clearing up or tidying your finances with your current bank.
- Tidying up your financial position
- Applying for a home loan if you have had some bad credit or problems paying in the past.
- Being able to borrow money potentially even if you have been declined by other banks or a bank manager.
A non bank lender might allow you to consolidate your debts, even if you have bad credit. Debt consolidation can allow you to take a new loan to repay your other debts, and essentially merge them into one.
How to apply with a non bank lender?
Most non bank lenders in New Zealand prefer you solicit the help of a mortgage broker to help you with the process. A good non bank mortgage broker will be able to unravel the complexities of using a non bank lender, and make the process fun and easy for yourself to get a home loan. It is possible to get a professional service which helps you arrange finance for your home.
Because it can be complex and challenging to deal with a non bank loan, it is also important to get the help of a good quality financial adviser who can help you with the non bank lending process.
Information you might need to apply for 2nd, 3rd or 4th tier lender
Be prepared and follow the checklist or guide that a mortgage broker should provide you. Examples of documents you might need to provide include:
- Your driver’s license or passport
- Recent bank statements
- Payslips
- Information about the property you live in or want to refinance or buy
Non Bank Loans Can Prevent Mortgagee Sales
If you are faced with the prospect of a mortgagee sale, or are falling behind on your mortgage repayments, consider whether a non bank loan will be able to help you. These may be able to save yourself before you further damage your credit rating and reputation. Choosing a non bank loan in the meantime will help you to hopefully find that safe breathing space, and can also reduce your repayments in the meantime until you can get back financially.
This is helpful for those needing financial assistance in their home loan where their current bank might not be that able to help, and you may need a situation for where:
- You’re falling behind on mortgage payments, or needing help to pay mortgage arrears
- Potentially someone has lost a job, family member, or been sick
- There is a reason for a decrease in income
- There have been unexpected expenses in the family
- There are too many debts and it is hard to stay afloat right now.