Banks are conservative in nature, and you have no doubt heard and read about how tight their lending rules have become over the past few years. Let’s face it – not everybody can fit into the nice little boxes that Bank’s need you to fit in – in order to obtain finance. There could be numerous reasons for this, but the most common we see are;
If you find yourself in this position, you do not have to give up on your dream or long-term financial goals. At Kris Pedersen Mortgages we have access to a range on non-bank (sometimes called second-tier or alternative) lenders. Some of these lenders we have exclusive access to - meaning you won’t get this option by using any other Mortgage Adviser nor can you approach these lenders directly.
The Non-Bank lenders we utilise are fully regulated and licensed. Typically the cost of non-bank lenders tends to be higher than traditional banks, and starts around 1% above bank rates and trends upwards from there. In many cases we have built up a long and trusted relationship with these lenders and its our role as your trusted adviser to ensure the best possible solution for your financial needs.
Ideally, we'd prefer to work with a bank lender for you, but if this isn't possible when you need the money, the non-bank market is an excellent option to allow you to reach your goals there and then. If you need the lending long-term, we work with you on a strategy to eventually get you back to a main-bank lender. This could be within a few months, or could be within a few years - it all depends on your situation.
If a Bank says ”No” this doesn’t have to be the end of your search, contact us now to find out what other options might be available to you.