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 a bank declines your loan, non-bank lenders offer an alternative with more flexible criteria. They are a good option for the self-employed, or those with bad credit, irregular income, or a small deposit.
This flexibility often comes with higher interest rates and fees, and they don't offer other banking products. Top lenders include Avanti Finance and Squirrel Money for residential borrowers, and First Mortgage Trust or ASAP Finance for property developers and investors.
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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