There are quite a few Auckland mortgage brokers to choose from, but how many work with non bank lenders?
Most mortgage brokers are ex bankers and so they understand a bit about home the banks work.
Then you will find that some brokers will have access to a couple of non bank lenders.
But very few are as experienced as Stuart Wills with dealing with the more unusual situations that often call for non bank options. Stuart takes the time to understand a situation and then determine what is needed to get a loan approval. Often this is done with banks, but sometimes the best option will be a non bank lender, a finance company or even one of the peer to peer lending options.
There are choices, and an experienced mortgage broker will know which are the best options for a given situation.
Some Brokers Offer Choice
If you do not “fit the box” that banks have designed, then you may find that you need a mortgage broker that understands how to get those loans approved.
There are a number of non bank lenders to choose from.
Stuart Wills is well known as an Auckland mortgage broker that gets results for the harder loans – for complicated mortgages. He has even set up a separate website as a non bank broker where you will find a lot more information specific to the non bank lending.
There is choice of non bank lenders and you will find that some specialise in loans for different situations;
If you have some credit defaults on your credit check you may need to look at a lender who offers bad credit home loans. These loans are typically more expensive than loans for people with sparkling clean credit, but often the “so called” bad credit isn’t actually too bad and therefore you shouldn’t have to pay too much. On the other end of the scale there are some situations that are deemed worse and those will be more expensive.
If you have mortgage arrears or some bad payment history on your existing mortgage then you need to consider which lender is best for you. Some lenders treat mortgage arrears differently to others and because of this the loan you may get can vary a lot. There are situations where you may have not been able to resolve the mortgage arrears and the bank have issued a Property Law Act notice (PLA notice) to start the process of selling your home in a mortgagee sale. These situations require a broker that can find a solution fast – a mortgage rescue.
Some self employed people will not have 2-years financials completed yet which is the standard “proof of income” that banks look for. Some of the non-bank lenders have loans designed for self employed people (low doc loans and no doc loans) and again there is choice – some will offer flexibility and lower interest rates than others. Its also common for self employed people to get a bit behind with their tax obligations, but banks do not like to finance tax arrears and this is another area that a non bank broker can help with.
There are times when you are best to keep your existing mortgage and use a second mortgage to get the money required.
Of course no one situation is the same as another.
Speak To A Non Bank Broker
You deserve the best advice, so you should talk to Stuart Wills.
Stuart is an Auckland mortgage broker but also a specialist non bank broker.
Stuart deals with people throughout New Zealand and you will see stories of some of the situations where he has helped on his new website or on this finance blog.
