Many Kiwis find securing home loans from mainstream banks like ANZ, ASB and Westpac challenging. It can be due to fluctuating income or inability to provide adequate financial information.
Non-bank lenders and finance companies can offer a solution to this dilemma. They often have more flexible lending criteria and quicker loan approval processes. For the best non bank lenders NZ, click here.
Resimac
Resimac is a non-bank lender that provides mortgage solutions to borrowers. They offer a wide range of home loans for owner-occupiers and investors. Their products include variable and fixed-rate home loans, interest-only loans, and debt consolidation.
Moreover, they have a dedicated team of experienced mortgage consultants who provide expert advice to their clients. Their products and services are available through an extensive network of mortgage brokers.
The lender also offers several benefits to their customers, including flexible repayments, offset accounts, and free redraw. Their home loan products are designed to help borrowers meet their lifestyle goals.
Sovereign
Sovereign combines the benefits of a home loan and transaction account, making it easier to get on the property ladder. They also have flexible terms to suit your financial situation, with competitive rates and an easy application process. For the best non bank lenders NZ, click here.
It is a member-owned bank, meaning members benefit from personalised member perks. It focuses on the local community and promotes regional growth, which sets it apart from larger banks. Sovereign also offers various financial services, including transaction accounts, savings accounts and term deposits. They also provide several RMB services tailored to Chinese New Zealand businesses and investors.
Liberty
Liberty offers a range of banking services, including mortgages. It is one of the few mortgage lenders that will consider overtime earnings for borrowers working in health care, for example.
Liberty is a New Zealand-owned and operated lender focusing on community involvement. Their team is experienced in helping borrowers navigate the home loan market, and they can often help borrowers whose bank has declined.
It is increasingly common for borrowers to seek a solution outside the traditional banks when they cannot meet a mainstream bank’s strict lending criteria. These lenders can offer alternative funding and solutions like bridging finance or second/caveat lending. It allows borrowers to purchase their first home, invest in property, or fix their existing mortgage.
Harmoney
Second-tier lenders like Harmoney are an excellent option for Kiwis, whom the central banks have rejected due to stricter credit criteria in areas like debt-to-income ratios and LVRs. Often, these borrowers are self-employed or may have difficulties providing documentation.
Harmoney has an online calculator that allows borrowers to estimate their fixed loan payment amount before applying. The lender also has a no-obligation quote and transparent fees. Harmoney offers both secured and unsecured loans. Secured loans have lower interest rates because the asset (like a vehicle or property) is attached. For the best non bank lenders NZ, click here.
The marketplace lender has reached the milestone of NZ$500 million in loans written, one of the most significant achievements for a New Zealand fintech company. It is a testament to the sharing economy and New Zealand’s “lend a hand” culture.
Sovereign Home Loans
Many new and emerging Kiwis may find it challenging to secure a mortgage from a bank. They can often be rejected due to poor credit history or inability to provide adequate income documentation. That is where non-bank lending comes in as a solution.
These lenders can provide short and long-term lending solutions for borrowers who may not fit the criteria of traditional banks. These loans are also helpful for borrowers who need to bridge the gap for a building addition or renovation.
Platinum Mortgages is a leading New Zealand mortgage broker that offers a broad range of loan products, including first-home buyer, residential, construction, short-term and specialist lending. Our team is experienced in working with Sovereign Home Loans and can help you source the right solution for your individual needs.