Last Updated: 29th November, 2022

Australia’s mortgage industry is getting more competitive with the resurgence of non-bank lenders and the emergence of neo-bank lenders.

Borrowers have more options to choose – so why should you choose a non-bank lender for your next home loan?

What Is A Non-Bank?

A non-bank lender is a financial institution that does not have an authorised deposit-taking institution (ADI) licence.

They perform most of the functions a traditional bank would, but are not able to take deposits from their customers.

However, they do offer products like home loans, car loans and even credit cards at competitive interest rates compared with the bigger banks.

What Are The Advantages Of Using A Non-Bank Lender?

There are several advantages of using a non-bank lender over a traditional bank: