Had credit problems in the past? Don’t fit lenders’ traditional criteria? Don’t despair. With today’s wide range of home loans and lenders, even people considered ‘credit impaired’ can now apply for a home loan.
These loans, known as non-conforming home loans, are specifically designed to suit people who are:
- self employed
- no longer working full-time and/or retirees
- credit-impaired
- contractors
- seasonal workers
How they work
Non-conforming home loans work like most other loans. Borrowers can choose from a range of loan types including variable, fixed and split rate loans and popular features such as line of credit, redraw and offset.
Because credit impaired and non-conforming borrowers are regarded as higher risk, most lenders charge a slightly higher interest rate and/or a higher fee structure than for traditional loans. Non-conforming loans can also be less flexible (particularly when it comes to refinancing).
Carruthers Financial Services was established in 2000 filing the service void left by the major banks by providing a mobile, one on one service. We not only help you arrange your finance, but we continue educate and work with you on a regular basis, so you can achieve the Australian dream of owning your own home sooner. 
