NON CONFORMING HOME LOAN

A non conforming home loan is ideal for people who don't meet the traditional lending criteria of a mortgage lender, for example,

• seasonal, casual, part-time or contract workers with irregular income

• new migrants with no borrowing record

• people with bad credit history or older borrowers who are about to retire

• self-employed people with little or no financials

• people with insufficient records of past savings or an inadequate deposit amount

• previously been refused finance

• people who have a large number of enquiries on their credit file

• people who are changing jobs or on probation

• starting a new business or recently started a new business

If you fall into any of the categories above, we may still be able to assist you with alternative home loan products, such as a non conforming home loan, low doc home loan or bad credit home loan.

Advantages of a non conforming home loan

• A wide range of features are available on a non conforming home loan

• Great way to rebuild a poor credit rating

• Access to a wide range of non conforming lenders who can assist you in obtaining a mortgage

Disadvantages of a non conforming home loan

• Rates are usually around 1-3% higher than a traditional home loan, but rates will depend on your level of credit impairment

• You may have to pay a hefty deferred establishment fee if you pay out the loan early

For more information about a non conforming home loan, speak to one of the mortgage brokers at Intellichoice on 1300 55 10 45 to see if this type of home loan is suitable for your circumstances. We also have access to alternative mortgage loans, including bad credit home loans and low doc home loans if you don't fit into the strict lending criteria of the mortgage lenders.