Buying guide
5 Non bank lenders who may say yes if the bank says no
(Some even offer 10% deposit home loans)
AI summary
If your bank application is declined, non-bank lenders offer a valuable alternative. They often have more flexible lending criteria, making them ideal for those who are self-employed, have bad credit, or a small deposit.
While they can't offer products like credit cards, they provide specialised loans. Be aware that they typically charge higher interest rates and fees. Key lenders include Avanti Finance and Pepper Money for residential borrowers, and First Mortgage Trust for developers.
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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