Specialist Mortgage Lenders

Are you looking to buy a home but not sure you can meet the lending criteria that some banks set? If so, you might want to shop around in the specialist lending market.

Specialist lending is a segment of the mortgage market that is intended for borrowers who generally do not meet the standard criteria that lenders set. A number of reasons might prevent you from being able to meet these criteria — there is no single reason why you and every other specialist borrower would be in this category.

At Hunter Galloway, we have identified some of the most common reasons that you might need a specialist lender:

  • You don’t meet some of the most important mainstream criteria
    These mainstream criteria include a range of factors, from residency requirements to failing to meet LMI.
  • You have an impaired credit history
    An impaired credit history is a major red flag for nearly all lenders, which means they will consider you risky and probably be hesitant to give you a traditional loan. Your credit history may be impaired if your debt payments have been late or you have had to file for bankruptcy.
  • You aren’t able to provide the standard documentation
    Some of the most important documentation will be that related to your employment status. However, if you have been self-employed or given money by your parents, you might have a gap in your income which will make your loan application quite complicated.
  • You need a flexible solution
    Certain clients require a flexible solution, e.g. they wish to consolidate multiple loans or they want to cash out part of their loan for the purpose of a business investment. This might be considered risky by a bank, impacting their willingness to give a traditional loan.

Specialist Lenders — How Different Is Specialist Lending?

A specialist lender offers a loan in much the same way as a mainstream lender. However, they tend to require different criteria for the application process. At Hunter Galloway, our experience is that a specialist lender uses a much more personalized approach to determining whether they will give you a loan:

  • They do not use credit scoring
  • Customized approach to assessing every application
  • Evaluating each individual client’s personal circumstances
  • More inclusive credit policy

Specialist Mortgage Lenders

A specialist lender is a great alternative option for many clients who are unable to meet some of the more formal criteria given by traditional lenders. At Hunter Galloway, we understand that you might not be interested in specialist lenders, but sometimes this can be your only option. Our general strategy is to shop around for all types of loans, but to focus on the benefits of receiving a loan from a specialist lender, if necessary.

For more information about specialist lenders and ways that our mortgage brokers at Hunter Galloway can provide all the details you need to get the best possible loan, feel free to contact us. We are happy to provide you with a free consultation so do not hesitate to call us today at 1 300 088 065!