New hope for borrowers rejected by the banks

Leading consumer information provider InfoChoice.com.au now offers hope to the thousands of potential borrowers every year rejected by banks or other mainstream lenders and denied their chance to realise the dream of home ownership or start a business.

An explosion of finance providers clamouring to service this substantial group means that nowadays many battlers trying to get ahead don’t have to be consigned to the credit scrap-heap, especially with the added help from the Government’s First Home Owners Grant.

Information on the full range of alternative borrowing opportunities can now be found in one place at InfoChoice’s banking website BankChoice.com.au.

It is estimated that 1 in every 10 Australian homebuyers looking for a loan has difficulty in securing finance from the mainstream lenders for one reason or another. Typically, these are borrowers who have :

• a poor credit history
  
• difficulty proving their income, eg. self employed
  
• uncertain or variable income
  
• little or no deposit saved
  
• non-resident status
  

BankChoice Manager Lisa Montgomery said: “Most of us at some time or another have some sort of credit repayment problem or struggle to meet a lender’s requirements. In the past, too many have been harshly penalised or denied access to credit altogether – but it doesn’t have to be that way anymore.”

Previously, the only avenues for such borrowers have been finance companies demanding sky-high interest rates and harsh terms or solicitor-backed mortgages, now under a cloud and the subject of a regulatory inquiry.

But now that intense competition in mainstream lending has spread to the non-standard loan market, a forgotten group of Australian consumers are the winners with loans to suit all borrowers from the likes of Liberty Financial, GE Capital, Wizard Home Loans, Pepper Homeloans and Mortgage House of Australia.

“In many cases the rates on offer reduce to little more than the standard variable rates of the banks after a couple of years of on-time repayments,” Ms Montgomery said.

InfoChoice now offers these borrowers what it already offers other banking, investing, phone and flight consumers, the chance to make meaningful, independent comparisons on a wide range of products at one easy-to-use website.

More information :
Chris Gosselin
CEO, InfoChoice Ltd
02 9247 6788
0411 537 830

Lisa Montgomery
Manager, BankChoice.com.au
02 8243 4117
0414 592 553