How To Get A Private Home Loan in Sydney NSW?
If you have been speaking to banks about getting a home loan and not having much luck, it’s probably because you do not have sufficient income documentation to show that you can service the loan. Or, it could be that you have a bad credit history. Banks are very adverse to risk and will not lend, even if you have existing property with equity on it.
So what should you do if you are in these situation?
Many Sydney residents, or Australians in general, have found a better solution in the form of Private Mortgages.
What is a Private Mortgage?
A Private Mortgage/Refinancing Loan is simply a form of private home loan offered by private lenders (often through a private mortgage broker) that is accessible to home owners with far less restrictions than banks.
You still need to own property with equity on it. However, since the private mortgage is secured against the equity on the property you own, there are fewer other requirements. This makes private funding more accessible to many who may not have sufficient documents to borrow from a bank.
Who needs a Private Mortgage Loan or Refinancing?
Basically, anyone who finds it hard to borrow from the bank, but owns property with equity on it. Many people in Sydney have used their existing properties to secure either a private home loan or refinancing, to access private funds for different purposes. The private funding could help them settle outstanding construction top ups, debt consolidation, and many other issues.
Usually, people who access private lending need funds urgently. Private Home or Mortgage Loans can settle very quickly and make these funds available to them.
Where to get a Private Mortgage/Refinancing in Sydney, NSW?
There are local Sydney-based private lenders and also many national private lenders available in Australia. You will need to research and do your own due diligence to select one for your lending purposes.
It is important to work with a reputed and responsive Private Lender or Licenced Broker. And make sure they have a valid and current ACL (Australian Credit Licence) so you know there are regulated by ASIC.
Here’s a tip. Don’t just go for the lowest interest rates or best deal. Always have deeper conversations with a private mortgage broker about your issue first. Observe how knowledgeable they are on the subject matter and the solution they propose. You can often tell how efficient and experienced brokers are just by speaking with them on the phone.
It may also be best to deal with a national private lending firm or broker. Local lenders may be very small operators. It’s best that you work with private lending brokers that remains accessible permanently.
Need a reliable and responsive Private Mortgage & Refinancing Specialist in Sydney, NSW?
Whether you are in Sydney NSW or any other state in Australia, you can reach out to us at Gryphon Direct.
We are Australia’s trusted National Private Lender and Licenced Broker. We have helped many Australians access much needed private funding to resolve financial problems.
If you own property with equity, and need to access funding urgently, give us a call. Our lending managers specialise in resolving difficult issues and can propose a viable solution.
Since we specialise in resolving difficult scenarios fast, our Private loans can be approved very quickly.
Contact us today to discuss your scenario.