Many people are familiar with the big four banks’ names and tend to prefer them when applying for loans for their home or investment properties.
But if you talk to an experienced mortgage broker such as a Mortgage Corp broker, he/she will normally check out the non bank lenders and find out what they can offer.
And some of these non bank lenders are now ranked up with the big four banks on products and services.
What is a Non-Bank Lender?
Basically, a non-bank lender is a lender that’s not a bank, credit union or building society. It has its own source of funds, which it lends out with a margin for profit.
They usually have internet based banking as many people don’t like to visit branches these days.
ING Direct, Mystate, Homeloans ltd are all non-bank lenders and there’s a lot more of them on the market.
Mortgage Corp loan specialists work with the big banks as well as non bank lenders so we can choose the right loan and loan structure that suits your individual needs.
Why Use a Non-Bank Lender
There are several benefits associated with taking out your home loan through a non-bank lender
- Lower fees and lower interest rates
Non-bank usually have smaller overheads, because they have fewer offices and fewer expenses when it comes to marketing and labour. This should lead to lower fees and better interest rates.
- More Personalise Service
Non-bank lenders try to offer a more personalised service because they tend to have a smaller database. It’s likely that you’ll be given more attention right through your home loan process, even after you’ve signed on the dotted line. Also, while you sometimes might deal with multiple people at a bigger bank, with non-bank lenders it’s more likely that you’ll be dealing with your broker throughout the whole process along with the lenders support staff.
- Fast Loan Approvals
Sometimes it can take a while to get a home loan approved by a big bank. With a smaller, non-bank lender, you may be approved more quickly because your broker has completed most of the work and chances are less time is required to review your application.
- A wide range of choice and products
Given the range of non-bank lenders out there, you have a decent chance of finding one that suits your particular needs and circumstances. A great broker will go with what works for you
- More customer friendly
Some non bank lenders are a little easier to deal with as they will assess your situation based on your merits at that time and proposed plans and may be easier for your broker to deal with.
Why Work with Mortgage Corp
Of course, there are pros and cons for both big banks and non-bank lenders, therefore it’s important that you work with a mortgage broker that are experienced in dealing with all types of lenders and are genuinely committed to helping you get the right loan (and loan structure) for your situation and focus on long term investment success.
Mortgage Corp has over 10 years of specialist experience in property investment loans dealing with over 20 lenders, both banks and non banks lenders. We have helped many home owners and investors grow a solid property portfolio, find out why so many property owners rate Mortgage Corp 5 out 5.
We offer current and aspiring property investors a FREE Loan Strategy Session to make sure you loan is structured for long term investment success.
About Mortgage Corp
Mortgage Corp, Melbourne top mortgage brokers for current and future property investors, specialises in helping successful professionals and property investors maximise their long term investment return with our strategic approach to loan serviceability, tax savings and wealth creation.
While most banks and brokers focus on merely getting you a loan, Mortgage Corp is committed to getting you a comprehensive investment result. Request a Free Loan Strategy Session with our 5 Star Lending Specialist Neil Carstairs today!
About Neil Carstairs
Neil is the founder of Mortgage Corp, an active property investor and awarding winning MFAA accredited finance broker with more than 10 years’ mortgage broking experience. Currently, Neil is one of only 19 MFAA Certified Mentors in VIC/TAS region.
He is known for his strategic approach to investing and ability to reach fast, successful outcomes for clients where his industry peers could not. Connect with Neil on LinkedIn.