Buying guide
5 Non bank lenders who may say yes if the bank says no
(Some even offer 10% deposit home loans)
AI summary
If your bank says no, non-bank lenders offer a flexible alternative for home loans. They are ideal for borrowers with bad credit, irregular income, or a small deposit, as they have more relaxed lending criteria than registered banks.
While they can be a great solution, expect to pay higher interest rates and fees. Top non-bank lenders in New Zealand include:
- Avanti Finance
- Squirrel Money
- First Mortgage Trust
- ASAP Finance
- Pepper Money
These lenders use a risk-based approach to help more Kiwis secure financing.
Who are non bank lenders ideal for?
What’s the difference between banks and non bank lenders?
Non banks
Can’t take deposits
Non bank lenders work very similiarly to banks.
Are more flexible
Are less regulated
Are funded differently from banks
Have a risk-based approach to lending
Generally charge higher fees and interest rates
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If the banks say no these guys may say yes.
The top 5 non bank lenders in New Zealand
1. Avanti Finance - For residential borrowers
2.Squirrel Money - For residential borrowers
3. First Mortgage Trust - For developers
4. ASAP Finance - For developers
Pepper Money - For residential borrowers
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