It appears that more consumers are taking advantage of the specialisation offered by non-bank lenders. According to the Australian Bureau of Statistics (ABS), the trend estimate for the total value of dwelling finance commitments increased 1.8 per cent during October on a month-over-month basis.
The value of investment housing commitments increased 2.9 per cent, while the value of owner occupied commitments rose 1.1 per cent. Meanwhile,the number of owner occupied housing finance commitments increased 0.6 percent. The number of mortgages provided by banks during this period rose 0.9 per cent. At the same time, the number of mortgages provided by non-bank lenders increased 2.3 percent.
The numbers make it clear that an increasing amount of Australians are turning to non-bank lenders for their home loan needs. Non-bank lenders include specialist home loan providers, such as those that focus on bad credit home loans, low doc home loans and self managed super fund loans.
Benefits of specialist lenders
All too often, Australian borrowers find they might not meet the requirements put in place by traditional lenders, whether due to poor credit or being self-employed. However, the right loan specialist can listen to and understand a borrower’s financial needs,provide detailed credit advice, streamline the process and ultimately help consumers save time and money.
While the major Australian banks may seem like the only options, it’s important for borrowers to remember that they have a variety of loan-providers to choose from. Whether you’re in the market for bad credit mortgages, self-employed home loans or SMSF loans, contact the specialists at Redrock.
