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Non Conforming Loans

A non-conforming loan offers you finance when you don’t meet bank standard lending criteria. You can apply for a non-conforming loan if you own a property or have a deposit for a property. Borrowers that fit into this category include those who have an impaired credit history, such as judgements or defaults. Loans are also categorised as non-conforming if properties do not fit standard criteria. The wrong home loan could cost you a fortune – so it’s crucial to find the one that’s right for you.

 

Applicant type

Individuals, Trusts.

Employment requirements

P.A.Y.G. is O.K. Self-employed must be for one year

Income: required proofs

Payslips, group certificates or employer letter. Self-employed, two years tax returns.

Loan amounts minimum & maximum

$100k to $750,000

Purpose

Specialised Securities
 

Some common types of specialized residential securities include;
  • Company title property
  • Multiple units on one title
  • Studio apartments / 1 bed-sitter
  • Inner City High Rise Apartments
  • Managed Apartments
  • Serviced Apartments
  • Retirement units / over 50’s villages
  • Hotel / Motel Conversions
  • Warehouse Conversions
  • Heritage Listed
  • Holiday Rental
  • Community Title
  • Display Homes
  • Resort Complex
  • Over 55's Units

*   Minor Credit Issues

Prime Loans are available up to 90% LVR to $650,000 for minor credit issues only
Telco/Utility defaults ignored 1 up to $500

** Major Credit related issues

  • Paid or unpaid defaults or Judgements up to $1,000 ignored

  • Paid or Unpaid Defaults  or Judgements over 2 years ignored (any amount)

  • Unlimited credit enquiries allowed
     
     No  undischarged bankrupts


    Maximum LVR on credit impaired loans is 90% of property value

Coded, non-coded, or either

Either

Variable, fixed or both

Both

P&I, I/O, or both

Both

 

Final LVR & Interest rate are dependant on location

Lenders mortgage Insurance

Not required on loans below 80% LVR

 

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Important Information:
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  If you wish to proceed, then we will help you to complete all the necessary paperwork and liaise with the lender on your behalf. This will include the completion and submission of your home loan application and the on-going communication between all parties until your home purchase is settled