A non bank broker is a specialist that works as a mortgage broker but instead of just dealing like a banker and with banks, a non bank broker works with a range of lenders on deals that generally a bank will not do.
Most New Zealand mortgage brokers started out working for one of the banks, and then after being made redundant or getting frustrated they ventured out to become a mortgage broker. The major problem is they were trained by the banks to be bankers and to think the way bankers should think. So when they stepped out into the world as a mortgage broker they looked at the finance applications in the same way that someone at the bank would and therefore the results were not much different. Sure, as mortgage brokers they could process bank type deals but most really struggle with non bank type deals.
People struggle to get good advice on deals that do not fit bank criteria.
The Non Bank Broker Is Born
Stuart Wills started work in the financial services industry in New Zealand back in 1997, but as a self-employed mortgage and insurance broker not working for a bank.
It was obvious from the early days that not everyone was going to get their finance approved by a bank, but what was also less obvious initially was how little most mortgage brokers knew about the non bank type of lending. Back in the 1990’s and 2000’s it was thought that only those people with bad credit and therefore not accepted by the banks would even consider a non bank lender so any brokers that tried to specialise in this type of lending were thought of as a lower class of mortgage broker.
Over the years and especially since the Global Financial Crisis (GFC) the banking world has changed.
We now see the world of finance being more regulated and banks are being more difficult which has opened up a huge opportunity for those mortgage brokers with non bank experience to step up and help more people.
Today there is a real need for specialist non bank brokers to help ordinary Kiwis that just might not quite fit the banks criteria.
Finding A Specialist Non Bank Broker
Unfortunately most people would not know where to go to find a specialist that can help them with finance, and so I set up this non bank broker website.
This website lists some of the services that a non bank broker can offer, but also remember that even though I am what people may refer to as a non bank specialist I still can help with the standard bank mortgages plus do a lot of new build finance deals which I also have a lot of experience with.
Over time we will be posting many clients stories (anonymously) and news on our website’s blog.
Please feel free to share this website to anyone that might benefit from some specialist advice – especially those having issues and needing a non bank broker.