How Non Conforming Lenders In Australia Can Help You Secure the Property of Your Dreams

Non conforming home loans are basically defined as finance for those people who may be in unusual situations with how their income is paid or how they wish to finance their home loan or mortgage.

Non conforming home loan borrowers are also people who may have been previously rejected for a home loan for a number of reasons such as bad credit history, bankruptcy or unusual incomes (more information on non conforming areas below).

More information on non conforming loans is available from a variety of sources and non conforming borrowers should realise that banks are not the main source of a loan. Mortgage brokers are fast becoming the favoured choice for non conforming borrowers because mortgage brokers have a lot more sources where they can get finance for those who do not fit into the standard category of borrowers.

In addition the lenders that mortgage brokers approach for the loan are often specialists in the area of non conforming loans so they are a lot more likely than banks to get loans approved faster and with a lot less fuss.

Remember, you can still get a home loan even if your income is irregular or your source of finance for your loan is irregular, unusual or you fall outside of what the banks classify as ‘normal’.

o Irregular income (including self-employed and contract

workers. Unstable employment or residency)

o Paid or Unpaid credit defaults or poor credit history

o Consolidation of numerous debts

o Discharged bankruptcy

o Gifted deposits

Don’t worry, you could still get a home loan if you have been declined, there are other options other than the banks such as skilled and experienced mortgage brokers who specialise in non conforming loans.

You should always make sure that the mortgage broker is registered, honest and reliable. A full list of mortgage brokers can be found from the Mortgage and Finance Industry Association of Australia or find a broker at Non Conforming Loans. Alternatively you can search on Google, Yahoo or MSN for a variety of search terms that may help you get more information. Searching for terms such as non conforming home loan, or some of the search terms included in this article would prove helpful.