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 mortgage, non-bank lenders can be a valuable alternative. They often have more flexible lending criteria, making them suitable for the self-employed, those with bad credit, or buyers with a small deposit.
While they can say "yes" more often, expect to pay higher interest rates and fees. These lenders are still regulated but aren't bound by the same LVR restrictions as banks.
Key options include:
- Avanti Finance and Pepper Money for residential borrowers.
- 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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