What is a non-conforming Loan?
A non-Conforming loan is a loan that is offered to borrowers that do not meet the standard banking or lender criteria, usually that of the major banks.
Is a non-conforming loan more expensive than a traditional loan?
Yes. Typically, a non-conforming loan is way more expensive than a traditional loan. Most non-conforming loans will have an establishment fee and a high rate of interest.
Will there be exit fees if I pay the loan sooner than what I need it for?
No, typically there is no penalties if you choose to pay out your loan before the loan term.
What is the difference between a non-conforming loan and low doc?
Usually a low doc as the name suggest is a loan that needs less paperwork than that of the traditional banking lender requires, however these types of loans are provided to borrowers that a clean credit history is in place, and that do not borrow more than 80% of the property’s purchase price. Usually self-employed people that have traded for up to 2 years usually apply for these types of loans.
Non-conforming loans are usually taken up by a wide range of people, especially those who have a poor credit rating; however, all non-conforming loans are usually provided to those who have collateral in the property that they are borrowing against.
How do I find a non-conforming lender?
Australia Wide Tax Solutions can place you in contact with many lenders typically wanting to lend up to $10,000,000.
I have been rejected by the major banks for a home loan what is my next step?
No Issue, if you have been rejected by any of the major banks and your property has more than 30% equity they are here to assist.
They say yes to
- Self Employed
- Poor Credit history
- Have ATO debt
- Have inheritance or gifts
- Work as a contractor
- Have irregular Income as a business.
- New migrants
- Unstable income
- Retired moving from one house to another.
Can I consolidate my debt with a non-conforming loan?
Yes, however, they do not provide loans for personal debt or consolidation unless the loan is secured over the property.
Please fill out the form below and a lender will get back to you as soon as possible.