Some clients find themselves in the unenviable position of having credit defaults, bankruptcies, arrears, late payments, even extending to instability of employment or residency, often through no fault of their own.
Where previously the opportunity to borrow would have been severely restricted, there are now some financial institutions that will provide loans to these people, albeit at slightly higher rates of interest.
Non Conforming Loans
- Credit Issues
- Employment Issues
- Residency Issues
- Savings Issues
- Up to 40 Years Low Document Loans
These loans are suitable for the self employed, or those who have difficulty in proving their income due to seasonal or incremental issues. These may be due to high levels of cash receipts or the fact that the business has not been able to have it's financial returns completed.
Some of the features of Non Conforming loans are:
- Location Limits, Major Cities etc
- Amount Limits
- Loan to Valuation (LVR) Limits
- Self Certification of income
- Accountant Certification of income
- Financial Advice may be required
- Lender may require Minimum Self Employment Period
- May Allow PAYG as a Co Borrower
Pure Credit History No Document Loans
These loans are particularly suitable to those clients who are in the enviable position of having substantial equity in a property, thus meaning the need for lesser levels of borrowing. The maximum loan is generally up to 65% of the valuation of the security properties.
Some of the features of No Document loans are:
- Location Limits, Major Cities etc
- Amount Limits
- Loan to Valuation (LVR) Limits
- Self Certification of income
- Accountant Certification of income
- Financial Advice may be required
- Lender may require Minimum Self Employment Period
- Clear Credit History is Generally required
- Lender may require Minimum Self Employment Period
