What does ‘non conforming’ mean?

Non conforming is an industry term used to describe mortgage products available to borrowers who don’t ‘conform’ or meet ‘traditional’ bank lending guidelines.

Non conforming borrowers have usually been turned down by several banks or lending institutions for a number of reasons including:

•self-employed – have difficulties in proving their income;

•poor credit history – defaults, arrears and a history of late repayments;

•bankruptcy – borrower is a discharged bankrupt;

•senior borrower – may be close to retirement age;

•Variable income – may be a seasonal worker

•Recent migrant or temporary resident

•Overseas investor

Why should I get a non conforming mortgage?

Non conforming mortgages give borrowers an opportunity to clean up their credit file by paying out defaults and catching up on mortgage arrears.  A new repayment schedule can be arranged and the borrower can start afresh with a new mortgage.

Most borrowers only stay in a non-conforming loan for 2-4 years before refinancing back to a ‘traditional’ home loan.

How do I apply for a non conforming mortgage?

Non Conforming Mortgages are brokers with access to the best non conforming lenders.  We specialise in non conforming mortgages and can help you find the non conforming home loan solution which best suits your needs.

Start now by completing our online form and we will contact you shortly to arrange a confidential quotation.

Non Conforming Mortgage specialise in helping our clients find the mortgage solution which meets their needs and making a potentially difficult time for our clients as easy as possible.

           

We are full members of the Mortgage & Finance Association of Australia (MFAA)
and COSL and an Accredited Member of the Finance Brokers Association of Australia Ltd (FBAA)
and operate under their codes of practice.

Non Conforming Mortgage Specialist

If you have defaults or mortgage arrears and you need a non conforming mortgage specialist - we can help!
We are available to talk to you, please contact us. - non conforming mortgages