This article is worth reading if you are going to buy a house in NZ at some stage:

[quote:b9e9348af5]Without the impressive branch offices and ATM machines what is it that Non-Bank lenders offer to people looking to purchase/refinance a home for investment or owner occupation?

Perhaps the biggest difference is that non-bank lenders do just that? lend on residential property. They are in fact not like a bank at all but rather have taken over the role of an alternative and safe source of mortgage money from lawyers and insurance companies

What can get confusing is that many of the large trading banks also operate so called non-bank lending branches. For instance Sovereign, one of the largest non-bank lenders is actually owned by Commonwealth Bank of Australia.

However there are also a number of independent originators, such as resi Mortgage Corporation and Wizard Home Loans. These two companies both source their funds for mortgages through Australian Mortgage Securities (AMS) who have of course recently been purchased by G.E
For the client, looking to fund though companies such as resi, there is no difference in the way legal documents are drawn up or how the mortgage is registered.

The big difference is in the type of loan product that they are able to offer and the flexible approach taken with borrowers.
The most popular loan offered is one that has been designed especially for self- employed people. Getting a loan through a bank when you?re self employed can involve a potential borrower having to produce full financial reports for several years as well as GST Returns.

The?No Financials Required ? loans offered by resi, do not require any such paperwork, making it easier for self employed people to own their own home or purchase investment properties.

Other speciality products such as loans for Overseas Residents are available, to people not residing in New Zealand. Still others allow people with impaired credit to borrow to purchase their own home.
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Haven't pasted all the article as it's quite long - but the rest of can be found by following the link.

http://www.propertytalk.com/content/view/1134/82/

Cheers,

Donna :icon_razz: