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 a bank declines your loan, non-bank lenders offer an alternative path to finance. They often assist borrowers with bad credit, irregular income, or small deposits, including some 10% deposit home loans.
While providing more flexible criteria, these lenders typically charge higher interest rates and fees. They are a good option for those who don't meet strict bank rules.
Key lenders include:
- Avanti Finance & Pepper Money for residential borrowers
- Squirrel Money for first-home buyers
- First Mortgage Trust for developers
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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