An alternative to your bank!

I've heard many stories from people who have approached their bank, credit union or building society for a home loan, only to be declined due to their self-employed status, being new to the country or a poor credit history.

They'll often say, "Save an extra $50k and we'll see you in 2 years time" or words to that effect. Obviously, it's not in their best interest for you to shop around for an alternative solution, but there may be a better option for you.

There are lenders (slightly fewer than there were about 3 years ago) who can help with what are called non-conforming or "low doc" loans. The interest rate, LVR and LMI for these loans may be higher, but if it gets you into a property and you continue to make regular payments, you can switch lenders a couple of years down the track. Be careful though, as you still need to operate well with this level of debt and the risk profile of your occupation, etc. Don't make the mistake of over-committing!!

If the 2010/2011 growth predictions are accurate, it's a good time to own your home. This is the point of the cycle where people make their money.

If you want to talk about these options with a qualified finance professional, we can help. Call us on 1300 911 576.

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