non-bank lender

Why choose a non-bank lender?

Whether you’re looking to grow or refinance your portfolio, non-bank lenders could be the best choice for your wealth creation journey.

A common misbelief is that non-bank lenders are tied to the strict rules that apply to more traditional finance lenders, but the truth is that non-bank lenders have the same obligations as the more conventional lenders.

Non-bank lenders are able to provide a much more personalised service to customers, often allowing customers to deal directly with the broker as opposed to the support staff at a bank. Non-bank lenders are also more likely to listen to the individual story of every borrower, rather than purely making assumptions as many conventional lenders do.

Many people are surprised to discover that non-bank lenders are very competitive on rates in the investment space and are able to help borrowers when their current lender is not willing to provide finance for them.

Given that speed to market is currently key for property investors looking to pounce on a purchase, conventional lenders are becoming less enticing for borrowers.

In fact, stories of people missing out on a great deal because of lengthy turnaround times are becoming more and more common.

Momentum Intelligence’s Broker Pulse survey for March 2021 found that CBA’s average turnaround for broker-lodged loans was 12.7 days; NAB’s was 9.4 days; Westpac’s was 13.7 days; and ANZ’s was 16.4 days (business days). These are generally the best case scenario for simple applications whereas it can often take twice as long for self-employed applicants.

This is where non-bank lenders can provide a helping hand within a few business days at competitive rates. Endeavor Finance work with a number of non-bank lenders from around the country to secure the best loans for our customers.

 

If you are after a second opinion or want to know more about the non-bank lenders available, speak to Adam or Llewe at Endeavor Finance. Call 03 5434 7690.