In some cases banks have declined an application for finance of an existing customer due to the client not meeting bank policy requirements. These could include:
- Poor account conduct which are: late mortgage payments, unauthorised excesses on the transaction account, dishonoured payments
- Over use of consumer finance such as: using credit cards for cash withdrawals, excessive hire purchase and too many credit card facilities
- Credit impairment such as an unpaid default
- Application exceeding bank LVR requirements
Finance companies have a greater tolerance for: breaches of account conduct, paid defaults, income not verified by annual financial statements.
Security is paramount; they will take a risk on security.
Interest rates may be 1 -2 % higher than banks. They will lend up to 85% on rental properties.
If your loan does not tick all the boxes for mainstream bank lending then contact Terry Jones for viable options