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Non Conforming Loans is making mortgage application possible for rejectees who have the odds stacked against them.
Of those who’ve experienced rejection when applying for a new mortgage, 31% of mortgage application rejectees claim they were left feeling depressed, according to a survey by specialist mortgage broker Non Conforming Loans Pty Ltd. More than half (53%) felt marginalised, unfairly treated and with a sense of injustice as a result, while 15% said the process had left a long-term negative effect on their mental health.
Ray Ethell, Director of Non Conforming Loans, said: “Credit issues are on the rise in Australia in the wake of the pandemic, so a growing number of people applying for mortgages simply don’t fit the traditional financial mold. Many are being rejected by traditional lenders and online home loan fintech’s that can’t see past their situation, while others will be put off from applying at all.”
Many of those rejected were self-employed or had bad credit due to the pandemic.
“It is important to speak with a specialist lender or an experienced mortgage broker that is up with all the policy changes and can guide you through the lending landscape to find a financial solution,” Mr Ethell concluded.
As an alternative to traditional lenders and automated online mortgage platforms which typically reject people with complex situations, Non Conforming Loans develops a picture of every customer to uncover specialist mortgages often not available to them directly. Each customer is then assigned to a dedicated mortgage professional with proven experience of making mortgages possible for people in their situation to help them find the right mortgage with the right funder and then handle the application process through to settlement.
Many specialist lenders don’t do credit scoring, as the score alone doesn’t always provide an accurate picture of someone’s financial situation. They use human underwriters rather than automated decision making to assess an individual’s application.
The broker company is looking to help people who have been rejected by more traditional lenders in this decision.
With Non Conforming Loans.
Nina Alvarez is a writer and content producer. Her interests include writing, particularly about different forms of digital communication and the many ways it can impact the flow of information through varying demographics.
