Yahoo! Australia & NZ Finance - Special Edition
Money Makeovers
with Peter Switzer
Your questions answered by an industry expert
Your questions answered by an industry expert
Non-conforming loan
I am looking for a home loan for the first time and wondering whether to consider a "non-conforming" loan. Could you please explain what this type of loan is?
A non-conforming loan is one that caters for people who cannot meet the standard income verification and credit history criteria mainstream lenders such as banks and mortgage originators use. Therefore you may well need to consider a non-conforming loan if you are self-employed, have a poor credit record or have recently arrived in Australia. Be careful though, as non-conforming loans are usually at higher interest rates to reflect the higher risk of such a borrower.
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Disclaimer: This is generic financial advice only. Any investment decision should be made after careful review of your individual financial situation, risk tolerance, investment objectives and time horizon. These Questions have been answered by Peter Switzer and Mark Leahy. Mark is the Managing Director of Switzer Financial Services. If your question is answered, it will be published in the Peter Switzers' Money Makeovers on Yahoo! Finance, and you will be notified by email.
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