Yes, non-bank lenders are generally financially secure. If you are a borrower it isn't a major concern anyway. They are lending you money, you’re not putting a deposit with them. So in the worst case scenario, if they do face financial hardship you can simply refinance your mortgage with another lender.
There's more than one type of non-bank lender:
- Non-bank lenders similar to a mainstream lender e.g. Firstmac is a major non-bank lender that wholesale funds other non-bank lenders.
- They're actually a major bank e.g. Rams and Advantedge are both owned by prime lenders such as Westpac and NAB respectively.
- Specialist lenders e.g. Pepper/ Liberty / RedZed / Bluestone / La Trobe / MKM / Prime Capital, VMG and many others.
- Private lender e.g. Mango credit, DJ Capital etc.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for an expat home loan.
Cheers,