Lenders
Information on the different types of lenders offering home loans
The following are the types of lenders that can offer you a home loan.
Banks
Banks often have a convenient branch network and offer a range of different savings and credit accounts, in addition to home loans. Banks, which are subject to supervision by the Australian Prudential Regulation Authority, provide security for their customers, but may be stricter about who is eligible for a loan.
Non-bank lenders
Non-bank lenders include credit unions, building societies and other financial institutions. Some non-bank lenders operate through mortgage brokers and increasingly via the internet. However, most of the business is done over the phone and you can make an appointment to be visited by a representative.
Non-bank lenders may offer competitive and creative home loan products. Lenders that are not so strict about who is eligible for a loan may charge higher interest and fees. Non-bank lenders may also offer associated products, such as deposit accounts and credit cards. However, some non-bank lenders may not have the ease of access to such accounts through local branches and automatic teller machines (ATMs).
Disputes with lenders
If you have a dispute with your lender, you should try to resolve the problem (preferably in writing) with the lender's customer relations department. If the problem is still unresolved, you may be able to lodge your complaint with the Banking and Financial Services Ombudsman.
More information
For more information about banking complaints contact the Banking and Financial Services Ombudsman by calling 1300 78 08 08; or visiting the website: www.bfso.org.au
Keystart
Keystart aims to provide Western Australians with access to home ownership, and can offer loan packages to borrowers who may find it difficult to borrow money in the general marketplace, including:
- low-income earners;
- people who have a low deposit for a house; and
- those in casual employment or on commission.
Keystart also operates specific schemes for people with disabilities, Aboriginal people, Homeswest tenants and people experiencing temporary financial hardship.
Contact Keystart on 1300 361 577 or visit the Keystart website at www.keystart.com.au