Buying guide
5 Non bank lenders who may say yes if the bank says no
(Some even offer 10% deposit home loans)
AI summary
Non-bank lenders offer a flexible alternative for borrowers declined by traditional banks. They are ideal for those with bad credit, irregular income, or a small deposit, as they have less strict lending criteria.
The main trade-off is typically higher interest rates and fees. While regulated under the CCCFA, they offer more specialised products. Top lenders include:
- Avanti Finance
- Squirrel Money
- First Mortgage Trust
- ASAP Finance
- Pepper Money
Who are non bank lenders ideal for?
What’s the difference between banks and non bank lenders?
Non banks
Can’t take deposits
Non bank lenders work very similiarly to banks.
Are more flexible
Are less regulated
Are funded differently from banks
Have a risk-based approach to lending
Generally charge higher fees and interest rates
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If the banks say no these guys may say yes.
The top 5 non bank lenders in New Zealand
1. Avanti Finance - For residential borrowers
2.Squirrel Money - For residential borrowers
3. First Mortgage Trust - For developers
4. ASAP Finance - For developers
Pepper Money - For residential borrowers
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