Funds raised from our established network of private investors | CCG
"Mortgage Prisoners" Wanted
The new “Buzz” word within the mortgage industry is “Mortgage Prisoners”
THOUSANDS of Australians are stuck in a “mortgage prison” with new lending criteria leaving them unable to refinance their loans. Changes in bank rules around living expenses calculations have effectively wiped huge amounts off the maximum a bank will allow you to borrow. Many borrowers are now finding they originally borrowed more than a bank would lend them under current conditions, meaning they haven’t got the option of shopping around to get a better interest rate — no bank will lend them the amount they need.
Lending criteria has been tightened in the past year. The ongoing Financial Services Royal Commission is likely to tighten the criteria even further — meaning people will be able to borrow even less than they once did, effectively being “mortgage prisoners”.
The majority of these borrowers have “interest only loans” and need to refinance their current loans and move to less regulated lenders, such as Non-Bank Lenders (NBL).
Credit Connect Group is a NBL and is more than happy to consider these loans, so if you have borrowers seeking funding in these areas, we are able to finance short-term property loans from $50K – $50M using our own funds or funds raised from our established network of private investors.
Each loan application received is individually assessed with a strong focus on the quality of the real estate security provided. We manage the entire loan process from start to finish.
Submit a loan scenario for a quick answer and indicative rate.
All loan applications are subject to Credit Connect Group of companies’ normal credit assessment and loan suitability criteria. Terms, conditions, fees
This information is for general education purposes only and is not intended to constitute specialist or personal advice. It is not intended to be a complete statement of all information and has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the information to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments.
Peter holds a Diploma of Financial Planning and is PS146 compliant. Credit Connect Finance Pty Ltd ACN 113 576 891 Australian Credit Licence 396190