Tired of Hearing ‘No’ from the Banks? We Help Kiwis Get Home Loans Through Alternative Lenders
If you’ve been knocked back by the banks, you’re not alone. Plenty of Kiwis find themselves in situations where traditional lenders just won’t budge, whether it’s a smaller deposit, self-employment income, or a few credit bumps along the way.
That’s where non bank lenders come in. And at OneStop Financial Solutions, our mortgage brokers have years of experience working with these alternative lending options to help people who’ve been told ‘no’ finally get a ‘yes’.
The process is similar to applying through a traditional bank, but non bank lenders often take a more flexible approach to assessing your application. Because they aren’t governed by the Reserve Bank of New Zealand’s lending restrictions in the same way, they can sometimes say yes where the big banks can’t.
More Kiwis are turning to non bank lenders than ever before. According to the Reserve Bank of New Zealand, total non bank lending institution (NBLI) lending reached $23 billion in March 2024, up from $16 billion in March 2020. That’s a 44% increase in just four years.
Housing loans from non bank lenders now total $5.7 billion, and non bank lenders provide 48% of all personal lending in New Zealand, up from 35% in 2010.
Our non bank mortgage brokers work with all kinds of borrowers who face roadblocks with traditional lenders. Here are some of the most common situations we help with:
Loan to value ratios (LVR) are rules set by the Reserve Bank that limit how much banks can lend to borrowers with less than a 20% deposit. Banks only have a limited pool of low deposit lending available, so they tend to prioritise existing customers. If your own bank can't help with a low deposit loan, second tier or non bank lenders can be an excellent alternative.
Being your own boss shouldn't mean you can't buy a home. But banks typically want two years of solid financials before they'll consider your application. If you haven't been trading that long, non bank lenders can sometimes help. We've successfully secured home loans for self employed borrowers who've been in business for as little as six months, provided they have relevant experience or qualifications in their industry, can show income within typical industry limits, and are looking at a maximum of 80% lending.
Life happens. Sometimes things go wrong that affect your credit score, whether it's an unexpected redundancy, a relationship breakdown, or just a rough patch in life that you've now moved past. Banks can be pretty unforgiving when it comes to credit history. Non bank lenders typically take a more understanding approach and look at your whole situation rather than just the numbers on a report.
If you've been knocked back more than once, it's disheartening. You start to wonder if owning a home is even possible. We provide a fresh perspective and new possibilities. Many of our clients come to us feeling defeated, and we help them see a clear path forward.
Traditional banks have rigid criteria that don't fit everyone. We work with lenders who adapt to your unique circumstances, making it possible to qualify even when others have said no.
You're not just a number to us. We're a small team, and we take the time to get to know your individual situation. We'll make sure you feel heard, valued, and understood throughout the entire process.
We know timing matters when you're buying a home. Our experience with non bank lending means we can often accelerate the approval process so you can get the keys to your new home sooner.
Every financial situation is different, and your loan should reflect that. We can help structure your loan with options like interest only payments, longer loan terms, or repayment plans that match your cash flow.
Unlike going directly to a bank (where they only offer 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 doesn't end once your loan settles. We're here for ongoing support, whether that's advice on refinancing back to a traditional bank in the future, reviewing your interest rates, or helping you take the next step in your property journey.
We work with a wide range of lenders to ensure you have access to competitive options, regardless of your circumstances.
Having multiple lenders on our panel means we can match your application to the lender most likely to approve it – and offer the best terms for your situation. Some lenders specialise in first home buyers, others in self-employed borrowers or investment lending. We know which lenders suit which scenarios.
Matt is a registered financial adviser in New Zealand (FSP702911) who genuinely loves helping Kiwis achieve their property goals, even when the path isn’t straightforward.
He understands that everyone’s situation is different, and he’s passionate about finding solutions for people who’ve been told they don’t fit the mould. Whether you’re self employed, have a smaller deposit, or have had credit challenges in the past, Matt and the team at OneStop will work hard to find a way forward.
A non bank mortgage broker is a financial intermediary who helps you secure a home loan from lenders outside the traditional banking system. Instead of being limited to one bank’s products, a non bank mortgage broker has relationships with multiple alternative lenders and can match you with the right option for your situation.
A non bank loan is a mortgage or personal loan provided by lenders who aren’t traditional banks. These include finance companies, credit unions, building societies, and specialist mortgage lenders. Non bank lenders are often more flexible and can provide loans to people who don’t meet the strict criteria of traditional banks, such as those with less than perfect credit scores, irregular income, or smaller deposits.
You might consider a non bank lender if you have unique financial circumstances that make traditional bank lending difficult. This includes situations like having a low deposit (less than 20%), non standard income such as self employment or contract work, a bad credit history or defaults on your credit report, or if you’ve already been declined by one or more banks.
Non bank loans can have higher interest rates and fees compared to traditional bank loans. This reflects the higher risk associated with lending to borrowers who don’t meet standard bank criteria. However, non bank loans offer flexibility and a higher chance of approval in circumstances where banks would decline. For many borrowers, a non bank loan is a stepping stone that allows them to buy a home now and refinance to a bank later once their circumstances improve.
Requirements vary depending on the lender, but most will look at your credit history, income stability, debt to income ratio, and the size of your deposit. Non bank lenders are generally more flexible in how they assess this criteria compared to traditional banks. For example, some will accept a shorter trading history for self employed borrowers or take a more understanding view of past credit issues.
The time to get a non bank loan can be shorter than getting a loan from a traditional bank. Many non bank lenders can make a decision within a few days because they often have less stringent approval processes and more flexibility in their assessment criteria.
Yes, many people use non bank loans as a temporary solution to get into the property market while they work on improving their financial standing. Once you meet the bank’s lending criteria, perhaps by building more equity in your home, improving your credit score, or establishing a longer trading history if you’re self-employed, you can refinance to a traditional bank loan with potentially lower rates, often after a few years.
The terms are often used interchangeably. Second tier lenders and non bank lenders both refer to financial institutions outside the main trading banks. They include finance companies, credit unions, building societies, and specialist mortgage providers who offer alternative lending solutions.
Yes, non bank lenders in New Zealand are regulated. While they aren’t governed by the Reserve Bank in the same way as registered banks, they must comply with the Credit Contracts and Consumer Finance Act (CCCFA) and responsible lending requirements. Non bank deposit takers are also regulated under the Non Bank Deposit Takers Act. When you work with a mortgage broker like OneStop Financial Solutions, we only recommend reputable, licensed lenders.
Most borrowers receive our service at no cost. We’re usually paid by the lender when your loan settles. Read our disclosure statement for full details on how we’re compensated.
If you’ve been turned down by the banks or just want to understand what options are available to you, let’s have a chat. We’ll help you understand your situation and create a roadmap towards approval with a non bank loan.
Give our office a call on 021 022 17130 or complete our contact form below and we’ll be in touch.
