Non-Conforming Loans

We can help you even when traditional loans won’t meet your needs.

What are non-conforming loans?

We don't all fit into traditional lending categories. If your circumstances make it difficult for you to get authorized for a loan from a standard lender (such as a bank), non-conforming lenders may be the way to go.

Non-bank loans, often known as non-conforming loans, are an alternative to regular bank loans. While you'll still need to be reviewed before a loan is issued, non-conforming lenders take a more open-minded and compassionate approach to your particular circumstances than banks.

The pros and cons of non-conforming loans

Trying to figure out which loan is right for you? Here’s how non-conforming mortgages stack up to conforming loans.
Pros
  • In the event of jumbo loans, larger loan amounts are available.
  • You may be able to purchase different types of property than you might with a normal conforming loan, depending on the loan option.
  • If you have a negative record on your credit, such as a recent bankruptcy, you might be eligible to acquire a non-conforming loan.
Cons
  • Are offered by a fewer number of lenders, limiting your opportunity to shop around.
  • It's possible that the loan will have a higher interest rate.
  • Have less standardization from lender to lender

How MortgageBiz works

1. Information Gathering & Preparation

The key to a smooth approval process is preparation - so it's important to
give some prior thought to your individual circumstances, such as:

  • Your Income & Expense
  • How much you've saved for a deposit
  • Loan features that appeal to you. e.g. flexibility, access
  • Your current and future lifestyle requirements
  • The information and documentation you are required to provide.
2. Conversation With A Home Loan Specialist

It's now time to discuss your home loan requirements and
objectives with a Home Loan Specialist

This step is an opportunity to discuss:

  • Your ability to comfortably make loan repayments - we'll consider a range of factors including income, expenses and liabilities, and any foreseeable changes to your financial circumstances
  • The purpose of the loan
  • Loan types, features, costs, and risks
  • Your future needs
  • The information and documentation you are required to provide.
3. Applications

This is where you, together with your Home Loan Specialist, complete, sign and date the home loan application form and submit all necessary supporting documents for approval.

4. Approvals

Once we receive your application and all required documentation, we will verify the information provided (to ensure it meets our credit policy and requirements) and undertake a credit check if it's required. We will also confirm any conditions on the loan, and, if necessary, undertake a valuation on the property and conduct any title searches.

Your Home Loan Specialist will advise of any additional information required. When formally approved, you will receive a call from your MortgageBiz Home Loan Specialist.

5. Documentation

This is when the home loan contract is issued. We recommend that you check all your home loan documentation thoroughly, before signing, dating, and returning it to us. Check that everything is signed correctly.

6. Settlement

Once all our requirements are met, the loan funds will become available to you. You or your solicitor will need to make arrangements for any settlement with the lender. MortgageBiz will be assisting you all thru the process.

Frequently Asked Questions
Can’t find the answer you’re looking for? Reach out to our customer support team.
Can I get a loan without proof of income?
These days, some proof of income is essential; you will not be able to secure a loan without it.

If you are self-employed or an investor and are unable to provide traditional proof of income, such as payslips, you may be able to apply for a low-doc home loan. However, different types of proof of income are required for these loans.
What is a non-conforming lender?
A non-conforming lender is a type of lender that specializes in providing loans to those who do not fit traditional lending requirements. Non-conforming lenders have a different fee structure and can charge higher rates than regular lenders due to their higher perceived risk.

Need some help?

Our experts will help you search, choose and settle your home loan online. Chat to one of our Home Loan Specialists at a time that suits you.
Call Us  1300 149 149 
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