Nonconforming mortgage loans can be a perfect solution for those who have gone through bankruptcy. As long as you're back on dry land, you may qualify for one of these loans through a specialized lender.
You can also contact non conforming lenders in Australia at https://www.comparez.com.au. People who have not enough money for a traditional deposit may want to consider one of these loans as well.
Most banks want to see that you personally saved 5-10% of your loan amount, but some people receive gifts or other large lump sums of money to other means that can be used as down payments and may not qualify for traditional loans.
Another group of people who may want to consider a non-conforming loan would be those of middle age. As we age, the duration of the normal loan 25 – 30 years may not be possible for most lenders to accept, as you may not be able to complete the loan.
The closer to retirement age you get, the more difficult it can be to get a conforming loan. The last groups of people who may want to consider a home equity loan that is not in accordance Australians are living abroad or those who come to establish citizenship in Australia.
For new Australian residents, though you can have a credit history in your country of origin for approval in Australia, you will need a credit history of Australia.
For Australians living abroad, they may have problems with residential requirements that most lenders require an Australian address before processing a loan. As you can see, even if you are not a traditional borrower, there are options for you to get a loan and own the home of your dreams.