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:

  1. Poor account conduct which are: late mortgage payments, unauthorised excesses on the transaction account, dishonoured payments
  2. Over use of consumer finance such as: using credit cards for cash withdrawals, excessive hire purchase and too many credit card facilities
  3. Credit impairment such as an unpaid default
  4. 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