Had a setback ? An illness, or a divorce? Non-conforming lenders may be the answer. Your situation will be assessed on its merits and your ability to “get back on your feet”.
Non-conforming loans are typically offered by specialist lenders, who focus on lending to supposedly ‘riskier’ borrowers who are often refused credit by a bank. Most specialist lenders do not use mortgage insurance, and many will take self-employed borrowers with some adverse credit histories, to a higher loan balance, and often a higher LVR than lo-doc lenders. Specialist lenders will often allow a large number of unsecured debts to be consolidated into the new loan, and allow larger amounts of equity to be released to the borrower to fund investments, working capital requirements etc.