What are second chance home loans?
Everyone deserves a second chance, and that is why the second chance home loans were developed.
As non bank brokers we understand that a standard bank mortgage is not going to suit everyone and have access to some very good home loans from non bank lenders. These options will often suits when the banks say “NO” – so do not give up on your dreams.
Even if you have already tried to get a home loan, we would encourage you to try again as the lenders criteria does change and has definitely changed over recent weeks.
You owe it to yourself and your family to try.
Why You May Need Second Chance Home Loans
You may require a second chance home loan for a number of reasons.
Bad credit home loans – many Kiwis will have a glitch on their credit report which could have been caused by an innocent oversight or a period of time when something went wrong in their lives and a few debts were not paid in a timely manner. Having some bad credit will typically mean the banks will not approve your home loan; however we have second chance home loans that suit all levels of bad credit from those who may have one default to those that have been through a bankruptcy.
We are the non bank brokers and understand how you can so easily end up with bad credit, and more importantly we know how to deal with the lenders to get second chance home loans approved.
Poor account conduct – is affecting many people that apply to the banks. When a home loan application is being assessed by the bank they will look at your credit score but also will review your bank statements and loans statements to ensure that you pay your debts on time and have good account management (account conduct).
Too much debt – it’s quite common to have other debts including credit cards, store cards, hire purchase and personal loans. You may have good reasons for having these debts, but the banks do not like to see too many regardless of the size and whether they are interest free or not.
Tax debt – people can end up having debt with the IRD for a number of reasons but banks generally are not concerned with “why” you have tax debt, they just believe it is poor management. Like having poor account conduct, tax debt is frowned upon by the banks and they will generally decline a home loan application but that doesn’t mean you shouldn’t refinance tax debt.
Newly self employed – banks like to see 2-years financials to “prove” income and of course when you are newly self-employed you will not have this. There are ways to demonstrate income which some lenders will accept with low doc home loans and even no doc home loans.
The first aim is to get you a home loan.
As New Zealand mortgage advisers we will also explain to you how to get into a situation where the banks will “like you” enough to give you a home loan.
We Make The Process Easy
As non bank brokers we can help you get a home loan approved.
The process is a bit different to a typical bank mortgage application; however we have done so many second chance home loans and have designed processes and lender relationships that help make the process easy for you.
Your first step is to make contact and tell us your story.
