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 banks decline your loan, non-bank lenders offer a valuable alternative. They are ideal for borrowers with bad credit, irregular income, or small deposits, providing more flexible lending criteria than traditional banks.
This flexibility often comes with higher interest rates and fees. These lenders are regulated under the CCCFA but are funded differently and can assess applications on a case-by-case basis. Key lenders include Avanti Finance, Squirrel Money, and Pepper Money for residential borrowers.
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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