We have a full range of loans from a large panel of lenders. That means if there's a loan available in the market, we can access it and provide an in depth knowledge of its strengths, weaknesses and suitability for your unique circumstances.
Almost any purpose can be financed where the lender can determine you have the income to service the loan (except for reverse mortgages, no regular repayments required) and sufficient security, which is usually a first mortgage over real estate. Lending criteria applies and applications are subject to credit assessment.
These infamous terms came to our attention from the United States mortgage market. The Australian version of Sub Prime is Non Conforming.
They usually apply where the borrower has an adverse credit history. To compensate for the higher credit risk, a lender usually charges higher interest rates, fees and a risk or insurance premium. They also lend less against the security (loan to valuation ratio).
Low doc loans are not "non conforming", but have limited income verification, Lenders impose restrictions and higher rates & fees on these loans. They are usually only available to established self employed borrowers.
In Australia, legislation does not allow Low Doc or Non Conforming loans to override the requirements of the consumer credit code, which is a key difference between our model and the U.S. loan system.