Non-conforming home loans
Non-conforming home loans allow anyone who does not meet the credit criteria of mainstream lenders to secure home finance.
Non-conforming home loans are a lot more flexible than in the past and are available as a variable, fixed or split rate loans, and have many of the features of a more traditional loan, such as offset accounts. The interest rate and/or fees on non-conforming home loans may be slightly higher.
Non-conforming loans are also a great way to repair your credit rating, and some lenders will allow you to refinance into a more traditional style home loan after a period of time if you can demonstrate a good repayment history.Consider a non-conforming loan if you are:
- New resident
- Have a low or no deposit
- Casual or seasonal worker
- Older borrower
To assess your requirements and to negotiate a competitive deal, talk to your Loan Market mortgage adviser