Exploring the Benefits of Second-Tier Lenders in NZ for Mortgage Solutions
Banks have been making their lending conditions stricter across NZ, which is why many borrowers have been turning to second-tier lenders for mortgages and other finance solutions. Some people have the misconception that second-tier lenders in NZ work without any regulations. That is not true at all.
In NZ, second-tier lenders are also regulated. They are owned by professional, responsible lenders but can often offer more flexibility and fewer restrictions on their finance solutions. That is why second-tier lenders are booming in popularity across NZ nowadays.
Here are some of the benefits you will enjoy when choosing second-tier lenders in NZ for non bank mortgage solutions:
Variety of Mortgage Solutions
All the main banks in NZ offer similar mortgage solutions, with rates and mortgage structures very similar. That is why many people in NZ do not find the mortgage solutions that best suit their needs in banks, if what they are looking for is “outside the box”. On the other hand, second-tier lenders in NZ are more flexible. They offer a variety of mortgage types and structures to meet the requirements of different borrowers. This may include self-employed, and contract / commission only workers or those who may have had a credit issue or require debt consolidation and refinance.
With second-tier lenders, every loan application is assessed on a case-by-case basis. That is how second-tier lenders in NZ offer a more personalised service. They consider your conditions, finance strategy, and many other variables to tailor your mortgage solution. That is not the case with big banks. Many people in NZ feel they are just another number for the banks who are hard to contact, with their local branch now closed.
Easier Lending Criteria
Getting loan approvals from banks in NZ is getting more complex. When it comes to lending criteria, banks have limited flexibility. They do have fairly strict policy to comply with and lending terms and conditions. That is why more and more people in NZ are failing to meet banks’ strict lending criteria. They then look for other options, often with non bank second-tier lenders instead.
Loan approvals can be much easier to obtain from NZ second-tier lenders. Both banks and second-tier lenders are governed by the same laws in NZ. However, second-tier lenders are able to be more flexible. They are also often faster in approving loans. So you will not miss out on any attractive opportunities.
Competitive Rates
There is a myth that second-tier loans in NZ come at much higher interest rates. This is not always the case. It depends greatly on your financial situation and how risky your loan is. If you do not pose much risk to second-tier lenders, they will provide you with competitive interest rates.
At Non Bank, we are pioneer brokers for second-tier lenders in NZ. Today, we are regarded as having one of the largest networks of second-tier lenders in NZ. Many of our clients are referred to us by solicitors and lenders who value our advice and commitment to help clients with solutions. Our experts will guide you through all of the mortgage options provided by second-tier lenders. You can always count on us to make lending in NZ go much smoother.
Do not miss out on the opportunities offered by second-tier lenders in NZ. Contact us now!
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