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 the bank says no, non-bank lenders offer a flexible alternative for home loans. They are ideal for borrowers with bad credit, irregular income, or a small deposit, with some even offering loans on a 10% deposit.
While their lending criteria are more flexible, they typically charge higher interest rates and fees. Key non-bank lenders include:
- Avanti Finance, Pepper Money, and Squirrel Money for residential borrowers.
- First Mortgage Trust and ASAP Finance 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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