These loans are becoming more widely used as more people are employed on a casual or part-time basis and as a result do not meet many traditional bank lenders guidelines with respect to employment status.
Another area that these loans come into play is with deposit sources. Some people cannot satisfy the "genuine savings" requirements but non-corming lenders desposits may be sourced from family gifts or even borrowed. If borrowed the related financial commitment will be taken into account when assessing the serviceability aspect of the application.
Australian expatriates and non-residents of Australia can also avail of these loan types with some institutions advancing up to 75% of the lender's assessed market value of residential property offered as security without the need for the provision of foreign taxation returns.
Foreign Investment Review Board rules apply to non-Australian citizens acquiring assets in Australia and inquiry should be made with the relevant authorities prior to commiting to any such transaction.
Where intending borrwoers have had credit issues in the past, for example, defaults with other lenders, judgements for outstanding bills or perhaps bankruptcy, non-conforming lenders come into consideration as they are prepared to assess each case on its merits. Interest rates generally reflect the extent of credit impairedness but these loans do permit individuals to get into teh property market where under normal lending criteria they would not be able to participate.
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