A mainstream alternative for borrowers who do not fit traditional lending criteria
There are many Australians who fall outside the traditional lending requirements and won't
qualify for a standard mortgage.
The good news is that the vast majority of these 'non-conforming borrowers' could qualify for
a mortgage from a 'non-conforming lender'.
We have access to several of these specialist non-conforming lenders. These flexible home loans
have been designed specifically to enable us to provide mortgages to borrowers who don't fit
traditional lenders criteria at the most attractive possible price.
Here are some typical examples of borrowers we are able to help:
- You are self-employed and lack 2 years of profitable trading history required by traditional lenders, or you are unable to provide financial statements.
- You have adverse entries on your credit file.
- You do not have an adequate savings history or your deposit comes from an unusual source.
- You have irregular employment patterns, such as contract, seasonal or part time work.
- You have recently arrived in Australia
These lenders are Australian companies specialising in providing mortgage finance to a
specific segment of the home loan market known as 'Non-Conforming'.
What kinds of mortgages do we offer?
- Mortgages on residential property (owner occupied or investment).
- Mortgages up to 65% of the property value, and up to 30 year term.
- Loan amounts from $50,000 to $1 million per security
- Equity release re-mortgage - capital raised can be used for most purposes including investment
- Self employed financial statement may not be required.
- Older borrowers.
Costs
Depending on your individual situation, you are likely to pay a higher rate of interest than
a traditional standard variable rate.
The vast majority of our borrowers are pleasantly surprised by our rates however, and consider
it well worthwhile to proceed - especially when they take into account the fact that there are
no mortgage insurance premiums to pay.
These loans are seen as a short term solution. After a suitable period of timely payment we
would look at refinancing these 'credit impaired' borrowers into a standard loan at much lower
standard loan rates for the longer term.
Where to from here?
If you want a mortgage but feel that you don't qualify, don't take NO for an answer.
If you are ready to:
- Purchase your dream home
- Refinance outstanding payment arrears
- Make a new start by rehabilitating your credit history
- Pay out high interest rate personal loans, store cards, and credit cards
- Obtain capital to start a new business or expand your existing business
- Carry out home improvements to enhance the value of your property
BAM is happy to quote you on your No Doc Loan.
Please Contact Us or fill out an
Enquiry Form so that we can get back to you.
If you are happy to proceed please fill out an Application
Form.
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