The non-banking sector is a good stepping stone for those who can’t secure loans from a bank, according to broker Jeff Kerwin.
Kerwin from Nest Home Loans specialises in dealing with non-bank lenders, and says increasing numbers of first home buyers are falling outside the main bank criteria.
“The non-banking niche is highly specialised and has a vast range of products,” says Kerwin. “All the banks are fairly similar to one another, but with non-banks the interest rates can vary from 4% right up to 15%. You’ve got to really know that niche to get the client the right deal.”
“We get a lot of our leads from other mortgage brokers around the country who predominantly deal with the main banks, and those clients who fall outside the main bank criteria- which is becoming more common in the current climate- will be sent on to us as non-bank specialists.”
Kerwin says the brokerage went down this path because of the increasing amounts of people who do not fit the criteria for a bank loan.
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