The non bank mortgage brokers at OneStop Financial Solutions regularly work with a number of non-bank lenders and have years of experience in the alternative lending sector.
It’s not always possible to get a loan with the bank, low deposits, less than ideal credit or self-employment can be a few things that make getting a home loan from a main stream bank difficult.
This is where non-bank lenders come in to play. While the process is much the same, non bank lenders can be more lenient and take a different approach to your normal banks, as they are not governed by the Reserve Bank of New Zealand.
Non-bank lending institutions play an increasingly significant role for New Zealander’s buying homes. According to the Reserve Bank of New Zealand, approximately 3% of home loans registered are with non bank lenders.
Our dedicated mortgage brokers are focused on securing non bank loans for our clients who traditionally face roadblocks on the path to homeownership.
These include:
Let’s create a roadmap towards approval with a non bank loan. Talk to us today.
Traditional banks often have rigid criteria that don’t fit everyone’s situation. We specialise in finding lenders with flexible criteria that adapt to your unique circumstances, making it easier for you to qualify even when others have said no.
With OneStop Financial Solutions, you’re not just a number. We provide personalised service to each of our clients, ensuring that you feel heard, valued, and understood throughout the entire process. We are a small team, who take the time to get to know your individual needs and craft solutions that are tailored just for you.
We know that time is of the essence when it comes to buying your home. That’s why we work diligently to streamline the approval process, helping you move faster from application to approval. With our expertise in non-bank lending, we can often accelerate the timeline so you can get the keys to your new home sooner.
Every financial situation is different, and we believe your loan should reflect that. We offer more creative and flexible loan structuring such as interest-only payments, longer loan terms, or tailored repayment plans that match your cash flow.
Unlike traditional banks that only sell their own products, we have access to a wide range of non-bank lenders. This means more options, competitive rates, and better chances of finding a loan that suits your needs.
Our commitment to you doesn’t end once the loan is secured. We provide ongoing support to ensure that you remain confident and comfortable with your mortgage arrangement. Whether it’s advice on refinancing in the future or help understanding your repayment schedule, at OneStop Financial Solutions, we are here for you every step of the way.
LVR’s or loan to value ratios are a common term thrown around when talking about home loans. This is a rule implemented by the Reserve Bank of New Zealand and dictates and limits the banks lending on purchases with less that a 20% deposit. Banks are only able to use a certain amount of available lending for those low deposit loans. This means banks will usually only consider existing customers, if you are unsuccessful in getting a low deposit loan from your own bank second-tier or non-bank lenders can be an excellent alternative.
If you’re a business owner, it can be difficult to find a bank and secure a loan without 2 years of solid financials. However, this isn’t always possible so instead of letting time tick by, explore your alternative options. At OneStop we have been successful in getting home loans for those self employed for less that 2 years with non-bank lenders instead. There are still a few key requirements, being:
Having bad credit or defaults on your credit report can hinder your chances in getting a home loan. Banks are typically pretty harsh when it comes to poor credit history and it usually reduces your chances of getting lending through them. We understand that mistakes happen, or some things are out of our control and non-bank lenders typically have a more favourable approach when it comes to credit history, making them a great option when the main banks don’t come to the party.
If you haven’t been able to successfully get a mortgage through a main bank for any reason, have a talk to our team today and see what your other options may be.
A non-bank mortgage broker in NZ is a financial intermediary that helps individuals secure loans from non-traditional lenders outside of traditional banks.
A non-bank loan is a mortgage or personal loan provided by lenders who are not traditional banks. These lenders are often more flexible and can provide loans to people who do not meet the strict criteria of traditional banks, such as those with less-than-perfect credit scores or irregular income.
You may consider using a non-bank lender for a home loan in NZ if you have unique financial circumstances such as low deposit, non-standard income, or bad credit history.
A non-bank mortgage adviser can help navigate the complex lending landscape, assess lending options, and guide you through the mortgage application process in NZ.
Non-bank lenders in NZ may be more flexible when considering applicants with bad credit history compared to mainstream banks, providing alternative lending options.
Non-bank loans can have higher interest rates and fees compared to traditional bank loans. This is due to the higher risk associated with lending to individuals who do not meet standard lending criteria. However, they offer flexibility and a higher chance of approval under circumstances that traditional banks typically reject.
The requirements can vary widely depending on the lender. Generally, lenders will look at your credit history, income stability, debt-to-income ratio, and the amount of deposit you have. Non-bank lenders may be more flexible in considering these factors compared to traditional banks.
Non-bank mortgage lenders in NZ may offer competitive interest rates, easier loan approvals, and customized lending solutions tailored to individual financial situations.
The time to get a non-bank loan can be significantly shorter than getting a loan from a traditional bank. Many non-bank lenders can make a decision within a few days, as they often have less stringent approval processes.
Yes, it is possible to refinance a non-bank loan with a traditional bank in the future. Many people use non-bank loans as a temporary solution to improve their financial standing and then refinance to a traditional bank loan once they meet the bank’s lending criteria.
