Non-Conforming home loans work like most other loans.  Borrowers can choose from a range of loan types including variable, fixed and split rate loans and popular features such as line of credit, redraw facilities and offset accounts.  To assess their risk when lending money such as people who are;

•  Credit Impaired

•  No longer working full-time and/or retirees

•  Contractors

•  Seasonal Workers 

• Self Employed 

The Good Points

Non-conforming Loans are for those people that for some reason don't quite fit in the rigid "box" that traditional lenders use to assess their risk when lending money.  This can include anything from small credit defaults, irregular income (see Low-Doc Loans), short or erratic employment or even discharged bankrupts.  Non-Conforming lenders will look at all the variables.

Things to Consider

Because credit impaired and non-conforming borrowers are regarded as higher risk, most lenders charge a slightly higher interest rate and/or a higher fee structure than for traditional loans. Non-conforming loans can also be less flexible (particularly when it comes to refinancing).

Mortgage Mates can assist you to make an informed decision and take the stress out of becoming overwhelmed with wide choice of loans and products available on the market.  Please feel free to contact one of our friendly, professional Loan Consultants to discuss your loan requirements or make an appointment.  If you prefer, simply complete our online application form and a Consultant will contact you.

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