Specialist lenders offer specialist (non-conforming) loans to people who don't meet mainstream financiers lending criteria, including people with a bad credit history, perhaps with a history of late repayments, loan default or possibly even formerly bankrupt; new migrants with no borrowing record; seasonal, casual or self-employed workers.
At KRC we understand that there are a number of common scenarios which would see someone in the specialist (non-conforming) borrowing area. Many people with inconsistent employment are surprised to find that getting credit is not as easy as they had thought, as are people starting new businesses. Nowadays however, if you have the ability to repay, there is probably a non conforming financier who will give you credit.
- Short term self employed: You might be starting new business or recently started a new business. If you can explain your situation in a way that will give comfort to the non conforming financier you will be considered.
- Short term employment: Some non conforming financiers will consider borrowers changing jobs or on probation. They are generally less strict with casual employment than mainstream financiers and even multiple jobs in short periods of time may be fine if you have an acceptable explanation and can work with a reduced loan value ratio (LVR).
- Borrowers with previously irregular income: You will be considered if the financier can get some comfort in the regularity of future earnings.
- Defaults, Judgments & Bankruptcy: If you have a bad credit history, you could still be considered as long as they have a satisfactory explanation for your situation. Typical explanations include: divorce, failed business, illness or unexpected cash flow issues.
- Low document loans: Non Conforming Financiers will consider borrowers that fit within this category even if they have a bad credit history. They will also often look at higher LVRs than the mainstream financiers.
The specialist loan market is very competitive. If you have any questions that we can help you with, please call at any time on 1300 79 63 69 or click on the Make an Obligation Free Enquiry link below and one of our experienced consultants will be in touch with you within 24 hours.