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.

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