What happens if you do not qualify for a traditional Home Loan?

There are a number of new lenders in the market called "Non-Conforming Lenders" who have specifically designed products to meet the needs of the vast majority of "non-conforming borrowers".

Some examples of "non-conforming borrowers" could be:-

You have been self-employed for less than two years and are unable to provide two years financial information. You have a poor credit rating. "Credit Impairment" can happen to anyone in Society and is far more prevalent than most think. Most credit impairment is caused by one of lifes major events:- Accident, sickness, death of a family member Divorce Unemployment Small business failure You do not have adequate savings history. Recently immigrated to Australia. Your work is seasonal or irregular, such as contract or casual. Lenders of this nature obviously are taking a greater risk and as such you will pay a higher rate of interest. The actual rates will depend on your individual situation, i.e the loan to value ratio, level of credit impairment eg a discharged bankrupt will pay a higher interest rate than somebody who has one or two defaults listed against them. Our non-conforming loans are designed to help borrowers regain their financial standing and we expect to be able to refinance most of these loans to a tradition housing loan within two to three years.