What Are the Disadvantages of a Non-Bank Loan Application?

Becoming a first-time homeowner in Australia continues to become more challenging. As the cost of single-family homes rises, Australians must borrow more. Borrowing more makes qualifying for a conventional mortgage more challenging. After all, 20% of a $500,000 home loan equals $100,000. Homebuyers who don’t qualify for a mortgage funded by a bank have other options. For example, you can turn to a non-bank lender such as Mortgage House.

The non-bank loan application is straightforward. In addition, Mortgage House provides an online application option. You can take your time gathering your financial documents and filling out the information. When the application is complete, hit submit.

Some believe that a non-bank loan application provides some disadvantages. Meaning obtaining a mortgage in this manner is a disadvantage. Mortgage Houses opened its doors in 1986. We continue to expand our reach with new branch locations. Our loan specialists help homebuyers become homeowners. We offer competitive loan terms to well-qualified homebuyers. We also work with investors, first-time homebuyers, and owner-builders. 

In some cases, interest rates reach higher levels. Interest rates serve several purposes. They become the fees lenders charge for lending the funds. Plus, they help lenders hedge against potential losses when a homeowner does not repay their mortgage in full. 

Mortgage House helps homebuyers with low financial documentation, blemishes on their credit report, and no deposit become homeowners. 

Check out our Mortgage House mortgage repayment calculator with no strings attached.

Non-Bank Loan Application Conclusion

A non-bank loan application poses some disadvantages. The advantages balance them out. Plus, Mortgage House offers financial tools that help homebuyers minimise costs. Contact our loan specialists to obtain more information.