| These applicants may not meet the lending criteria of traditional institutions for reasons including credit problems (CRAA Link), income issues or any of the following: |
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Paid or unpaid defaults |
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Paid or unpaid judgements |
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Current or past loan arrears |
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Writs of possession |
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Recently discharged from bankruptcy |
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DSS and pension incomes |
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Second job, casual incomes |
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Unacceptable deposit source |
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Instability of employment |
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| These applicants may be a Self-employed or Investors, who may have difficulty in verifying income for any of the following reasons: |
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Incomplete taxation details (no financials) |
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Investor with high debt service ratios |
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Business shows paper based losses |
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Recent changes in business structure |
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Paid or unpaid defaults/ judgments |
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Current or past loan arrears |
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Recently discharged from bankruptcy |
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Difficult to verify income |
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| These applicants would have an unblemished credit history and a strong cash flow but are unable inject deposit for any of the following reasons: |
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Divorced person who has lost assets in settlement but has strong cash flow |
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Young qualified professional who has not yet had time to save deposit |
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Investor wishing to gear up owner occupied property to fund investment purchase |
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Applicants with high income over short term |
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Consolidation of high rate loans and credit cards to reduce payments and rates |
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Self employed wishing to keep profit in business |
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| Other includes applicants that have been declined by other finance institutions for a variety of reasons including for any of the following: |
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Lenders Mortgage Insurance (LMI) guidelines are not met |
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Available for start-up business |
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Unusual deposit source |
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Instability of residence |
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Greater range of securities may be considered |
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Larger number of debts to be consolidated |
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Age of applicants |
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Unusual income sources |
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Inner city securities acceptable |
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Instability or short term employment |
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