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Bank Said No? A non-bank solution
- Didn’t meet your bank’s servicing requirements
- Bad credit and poor account conduct
- Self employed without 2 years of full financials
- First home buyer without 5% of genuine savings
- Short on a deposit amount
- Property intended to be sold within a short timeframe
Didn't meet your bank's servicing requirements
Interest rates are currently the lowest they have ever been. As they continue to fall this does not mean that your serviceability is calculated on this rate. Bank’s set their own benchmark rate to determine your ability to service a loan. It can range from 6.65% – 7.8%.
Some non-banks can calculate your serviceability at a lower rate giving you the ability to borrow more.
bad credit and poor account conduct
Loan defaults can remain on your credit history for up to 5 years. This can be a problem when applying for a loan through a main bank.
Non-banks have products designed for loan defaults and historical debt. In comparison to the main banks, these products will have a higher interest rate.
The upside is that there may be options for you to lower your interest rate over a period of time. It is entirely dependant on your ability to meet your repayment obligations.
Self Employed without 1 - 2 years financials
Non-bank lenders can accept a minimum of 6 months GST returns or 1 year full financial statements as proof of income. This can benefit you if you are just starting out in business. Your interest rate will be higher with less financial documents available. You will be able to request a re-assessment of your financials & rates after 6 months.
See our ‘Self Employed’ page for more information
First Home Buyer without 5% genuine savings
Main banks require a minimum of 5% of your purchase price to come from either your Kiwisaver, regular savings or the sale of an asset. If you are being gifted 100% of your deposit a non-bank will be the right solution.
If your income is strong and your credit and account conduct is clean, it is possible for your interest rate to start from sub 4%.
See our ‘First Home Buyer’ page for more information about the buying process.
Short on a deposit amount?
Bank’s can only accept further gifting if you are short on the deposit amount required for a property purchase.
Non-bank lenders may accept a personal loan as part of your deposit, provided that your income is strong enough to service both debts.
Property Intended To be sold within a short timeframe
Non-bank lenders are a common option for property traders. This is because main banks do not favour short term mortgage lending.
The cost of a short term loan can be up to 3% of the lending amount plus interest accrued over 3 – 6 months. If you are intending to make a profit from the property it is important to factor this into your projected profit.
Benefits of Getting Your First Home With Moose
Mortgage rates are constantly changing in today’s market. Broker departments in banks are known for providing competitive interest rates upfront for mortgage advisers
Fixed, floating or variable? 5 or 30 year loan term? Understanding your goals and situation can help us to structure your mortgage, allowing you to pay it off faster but still have the flexibility and freedom to live well
We specialise in self employed applications that requires out of the box thinking. Being able to interpret profit and loss, balance sheets, aged and current receivables and cash summaries allows us to provide good advice for our clients
Our online application system allows you to create your own MOOSE account, and input your information without the hassle of tiresome paperwork. Once it is all uploaded, we do all the running around so you don’t have to
If you are applying for a Top Up up with a major bank there is no fee for our service. The major banks will cover our costs on your behalf as long as your new loan stays in place with them for a minimum of 27 months. This reduces your outgoings during the buying process
Re-explaining yourself can be frustrating when the last banker has moved on. We document all our client conversations and advice so we are always on the ball. You can depend on us to be there for a small Top Up, annual mortgage review, loan re-fix, refinance, or a new property purchase
Is A 'Non-bank' Right For Me?
Why Should I Use A Mortgage Adviser?
Moose is accredited with a large variety of major & non-banks. This enables us to provide our clients with non-biased and reliable solutions.
For non-bank applications some lenders may not charge a fee and cover the cost of our services. Usually it is required for your lending to stay in place for a minimum of 24 months to avoid any penalties.
Fees for short term lending may be up to 1% of the loan amount for the adviser and up to 2% for some lenders.
A non-bank is a great short term solution to get the job done. Some non-bank lenders require a minimum commitment of 24 months if the lender has paid the adviser a fee on your behalf.
If you have paid the adviser & lender establishment fee yourself, 3 – 12 month lending timeframes can be negotiated. This is a great option for those that are property trading or looking for flexibility.
Yes, as long as you meet the first home withdrawal criteria you will be able to use your Kiwisaver towards your property purchase.
A good loan structure should be prioritised over interest rates. The right structure could be reducing your mortgage by hundreds of thousands of dollars over the life of your loan. Everyone’s earning capacity is different.
People that earn wages, bonuses, or commissions should ask themselves, can I pay back more than my minimum repayments? If so, how much more could I pay off annually?
Understanding your goals allows us to create a structure which gives you the freedom to pay off more than your minimum repayments, without paying more interest.