What Is A Non-Conforming Loan?

Tuesday, May 21st, 2019

All the major banks have a standard set of rules they use to decide if a loan application is acceptable, or not. A ‘non-conforming’ home loan is simply a term used for home loans designed for people that don’t fit those rules.

Loans like these can also be called ‘specialist’ or ‘alternative’ loans (alt doc). Non-conforming may not be a common term, but you might be surprised how many Australians have been declined for a home loan because they fall into this category, and why. For example, people who are:

That’s a lot of Aussies. The good news is that in today’s world there are lots of options. Well-established non-bank lenders like Pepper Money have designed home loan products specifically to help all these people. They take a much more flexible and holistic approach to traditional lenders and can provide a range of good alternatives.

For more information about choosing the right mortgage to meet your needs, contact our team of mortgage broking specialists at Loans Actually today on  03 8805 1850.

 

Disclaimer: Original content source: Pepper Money. It is designed for publication through Accredited Brokers, to provide you with factual information only, and it is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. If you need financial or tax advice you should consult a licensed financial or tax adviser. The information in the article is believed to be reliable at the time of distribution, but neither Pepper nor its accredited brokers warrant its completeness or accuracy. For information about whether a non-bank loan may be suitable for you, call us on 03 8805 1850.


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