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Non-Conforming/Non-bank Personal Loan Lenders in Australia

We don't all fit into traditional lending categories. If your circumstances mean it's difficult for you to get approved for a loan with traditional lenders (i.e. banks), non-conforming lenders could be the answer to getting the finance you need.

Non-conforming loans or Non-bank Loans are an alternative to a traditional Bank loan. While you'll still need to be assessed before a loan is approved, non-conforming lenders take a different approach to banks that's more open-minded and considerate of your unique circumstances.

If you're thinking about a loan, speak with Debt Fix today so we can assess your eligibility and discuss the most suitable options for you. Debt Fix has an Australian Credit Licence and access to a panel of lenders and a range of products tailored to your needs.

However much you need to borrow, call 1300 332 834 to talk to a Debt Fix expert today for your free debt analysis.


What are non-conforming loans?

A non-conforming loan or non-bank loan is a loan offered to borrowers who don't meet the standard criteria required by banks and most other lenders. This could be because you have a bad credit history, you're self-employed, you've declared bankruptcy in the past or other reasons that might not qualify you for conventional mortgages and loans.

Non-bank loan products themselves are much the same as standard loans, but fees, loan limits and interest rates may vary. A non-bank loan can be either secured (such as a home loan) or unsecured (such as a personal loan).

What are the benefits of a non-bank / non-conforming loan?

The main advantage of applying for a loan with a non- bank lender is that there's more chance you'll be accepted than with a big bank or traditional lender. Depending on your circumstances, such loans can sometimes be the best option or the only option for obtaining credit.

Banks typically have a number of criteria that applicants need to meet before they can be offered a loan or credit card, including having a good credit history and being able to provide evidence of employment. If you're currently unemployed, self-employed, approaching retirement or you've accumulated bad credit, these can be automatic rejections for conventional loan products. However, you may still be eligible for a non-conforming/non- bank loan.

What are the downsides?

By accepting loan applicants who may have a higher level of risk, non-conforming / non- bank lenders often charge a higher interest rate and higher fees compared to a traditional loan. This is to cover the higher possibility of losses if a borrower defaults on their loan. We'll help you to find the most affordable loan available that meets your needs.

While there's more chance of being accepted for a non-conforming / non- bank loan than a conventional loan, not all applications will be successful. Lenders will assess your personal circumstances and may decide that your perceived risk is too high. If this happens, Debt Fix can discuss other options to help you get the solution you need.

Who is a non-conforming / non-bank loan suitable for?

Unlike conventional mortgages and loans which often have strict approval requirements, the eligibility for non-conforming loans could be much more holistic, as long as you are at least 18 years old, an Australian citizen or permanent resident and able to demonstrate that you can service the loan.

Non-bank lenders may take a different approach to banks when assessing your suitability for finance and you may be a candidate even if you may have bad credit score.

While you may stand a higher chance of being approved if you have a good credit history, you may still be eligible if you have records of late or missed payments, defaults or credit impairments. Each case is assessed on its merits.

Proof of employment or income

There could be many reasons why you're not able to provide information required by a bank. You may be self-employed, unemployed, retired or have recently changed your job or business, so don't have evidence of income to hand. Debt Fix advisors take the time to understand your situation so we can arrange a suitable options with our panel of lenders.

You have other debts

If you're already in debt, you've made a number of applications for loans or credit cards or you've been refused credit in the past, conventional lenders may see this as a risk. If you choose a free debt assessment with Debt Fix, this will help us to understand your position so we can discuss options such as consolidating your debts into a more manageable payment.

Call our team on 1300 332 834 today to find out if a non-conforming loan may be the right choice for you.

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What type of loan do you need?

Non-conforming loan options could be secured or unsecured loans. These loans are available if you need to refinance a home loan or take out a personal loan to cover other expenses.

Non-conforming personal loans

Debt Fix are experts at helping people with bad credit find suitable finance options which to meet the needs of our clients, often with fast approval. Debt Consolidation loans may be unsecured, but its likely they will attract a higher interest rate than a secured loan such as a mortgage.

Debt Fix will not suggest a credit contract to a consumer or assist a consumer apply for a credit contract if the credit contract is unsuitable for the consumer.

Read more about bad credit personal loans

Non-bank home loans

A mortgage is a long-term commitment, so whether you're refinancing or applying for a home loan with bad credit, it's important to secure the most affordable loan you can.

A non-conforming mortgage will usually have a higher interest rate and higher entry and exit fees than conventional mortgages, but your Debt Fix mortgage broker will work to secure you the most cost-effective option.

Read more about non-conforming home loans

Debt consolidation loan

If you're struggling to pay off multiple debts or credit cards, a debt consolidation loan could help. This absorbs your old debt into a new loan with a single monthly payment and a low interest rate, designed to be more affordable within your means.

You might pay more in interest over time with a consolidation loan, but you could avoid possible fees and penalties for missed payments and the stress of balancing multiple debts. We'll discuss the pros and cons of all loan options available so you can make an informed decision.

Read more about debt consolidation loans

How do non-conforming / non-bank loans work?

3 steps to getting the solution you need

Debt Fix is dedicated to helping Australians find affordable options. Your free debt analysis helps our advisors understand your situation so we can connect you with the best solution to help you the most, with no obligation to commit if you choose not to.

When evaluating different options, we'll explain the different terms and conditions including (but not limited to) the rates or fees charged to help you to understand how these will impact your finances in the short term and the long term.

Why choose Debt Fix for Your Non-Conforming Loan Requirements?

Debt Fix has been helping Australians with bad credit and other special circumstances to get the finance they need for over 10 years. If you need to borrow money, but you can't get approval from a bank or other lender, we may be able to connect you with a lender who can help.

Unlike companies that offer quick or on-the-spot approvals, our advisors take the time to understand your unique situation so we can recommend the best non-conforming loan options for your needs. We have access to a panel of lenders, giving you a wide range of options with no obligation if you decide not to continue.

Frequently Asked Questions

Depending on your circumstances, a non-conforming mortgage or loan may have a higher interest rate and/or higher fees than a conventional loan. This is to protect the lender against what may be perceived as a higher risk borrower. The cost of your loan will be based on your credit history and other factors.

A secured loan is a loan connected to an underlying asset. Examples are a home loan and a car loan, where the home and car are the assets. If you don't keep up with your repayments, the asset may be repossessed and sold to recover the money owed.

An unsecured loan is a loan with no underlying asset, such as a personal loan. As these offer less security to lenders, unsecured loans usually have a higher interest rate than secured loans, but there's less risk to borrowers if you default on your loan.

When choosing a non-conforming personal loan or home loan, you may have the choice of a fixed or variable rate.

With a fixed rate loan, the interest rate will always be the same throughout the loan term. With a variable rate loan, the interest rate changes in line with the housing market or other markets.

Depending on how the markets change, either type of loan may prove cheaper or more expensive. We can discuss the pros and cons of both options to help you decide what type of loan is right for you.

If you've been told that you have bad credit or a poor credit score, this means that there is negative activity on your credit report. This can be a problem if you're applying for a loan or credit card, as it could show lenders that you're likely to have trouble keeping to your loan agreement.

Reasons you might have bad credit include:

  • you've missed payments on loans, credit cards, utility bills or other financial commitments
  • you have outstanding debts more than 60 days overdue and more than $150 in cost
  • you've made multiple loan applications in a short space of time
  • you've entered into bankruptcy or a formal debt agreement
  • you have court judgements lodged against you

Poor credit isn't the end of the world, but it can make it more difficult to get approved for loans and other lines of credit.

Credit reporting in Australia reflects both your positive and negative financial activity, so making repayments on time and other good borrowing behaviour will eventually improve the situation. However, this can take a long time.

If you don't have time to improve your credit score and you need money now, talk to Debt Fix about options for borrowing money with bad credit. We can discuss non-conforming loans and other solutions to help you get the funds you need to start turning your finances around and work towards a debt-free future.

Call our team on 1300 332 834 or contact us for your obligation-free debt analysis.

This article, together with the Debt Fix website ( and all its contents have been prepared for general information only and should not be taken as legal or financial advice, and as such the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore talk with their financial planner or advisor before acting on any information present in this message or the Debt Fix website. Debt Fix only provides general advice and information. You should consider your own circumstances, or seek independent advice before you decide to act on our content.

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