A non-conforming home loan is simply a term used for home loans that don’t typically conform to the major banks’ standard loan criteria. It is the opposite of what’s called a ‘prime’ home loan.
This may include situations where the applicant has a poor credit history, or who may not have been employed long enough to show a history of earning an income.
Non-conforming loans may exceed 80 per cent of the security’s value and the interest rate is based on the severity of the credit history. If you have any concerns about non conforming loans call us here at Go Mortgage on 1300 855 244.
Do I need a Non Conforming or Specialist Loan?
Non-conforming isn’t a commonly used term. But if you’ve ever been declined for a home loan, you may have been given this as an explanation by your lender or bank. You may also hear it referred to as a ‘specialist’ home loan product.
When you’re labelled as ‘non-conforming’, it’s understandable you may feel help might be hard to find. But not to worry.Go Mortgage adopts a more flexible and holistic approach that has helped provide non-conforming home loans to borrowers for over 10 years. And that has translated to helping borrowers just like you achieve home loan finance, all with their own circumstance, even if you:
- Are Self-employed
- Recently started a business or a new job
- Don’t have a perfect credit history
- Been previously bankrupt
- Have an ATO debt you need to payout
- Have a solid income, but not much of a deposit
- Have a deposit but it’s an inheritance or a gift
- Work means you regularly change jobs, it looks like there’s no stability but it’s just the nature of the industry
- Need to consolidate a few other debts such as personal loans, credit cards or business debt
- Nearing retirement and the major lenders won’t have a bar of you
- New Australian resident, and therefore can’t verify previous credit history.
If any of the above applies to you give us a call on 1300 855 244.
John’s Story
“It made me feel like I was getting my life back together.”
“I wasn’t discharged from Bankruptcy for long, probably about a month or so.
Before applying with Go Mortgage, I enquired with the big banks but I couldn’t apply, because I was a discharged bankrupt they rejected me straight away. The big banks were saying something like five years or something I’d have to wait before I would have any chance of getting a loan again!
So I thought I didn’t really have much choice then. I could understand, but I just wanted to get on with my life, get back on my feet. I thought I had done my time and my situation was now pretty good and should be considered fairly.
Luckily I found & got in touch with Go Mortgage. They listened and we worked out a plan. Before too long we applied for a loanand it went pretty smoothly from there. The best thing was it made me feel like I was getting my life back together. You feel like you’re somebody again you know. I went through some pretty hard times, and sometimes you feel like you just vanished.
I would just say that Go Mortgage have been good to deal with. If you want to go for a mortgage, give them a try I wouldn’t hesitate in saying to someone, ‘Give them a go… No pun intended.”
– John, Warehouse Manager, Archerfield QLD –