Lenders
Information about businesses able to offer you a home loan
- Banks, Credit Unions and Mutual Building Societies
- Non-bank lenders
- Keystart
- Disputes with lenders
- More information
The following are the types of lenders that can offer you a home loan:
Banks, Credit Unions and Mutual Building Societies
These organisations often have a convenient branch network and offer a range of different savings and credit accounts, in addition to or in conjunction with home loans. Generally loans are financed through deposits from customers.
Non-bank lenders
Some non-bank lenders operate through mortgage brokers or market themselves directly via the internet.
Non-bank lenders may offer competitive and creative home loan products. Loans are generally financed through funds raised from institutional investors or private equity markets. 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 credit cards.
Keystart
Keystart is a government initiative, administered by the Department of Housing and Works. It 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
- those in casual employment or on commission
Keystart also operates specific schemes for people with disabilities, the Indigenous community, Homeswest tenants and people experiencing temporary financial hardship.
Contact Keystart on 1300 361 577 or visit the Keystart website at www.keystart.com.au
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 Financial Ombudsman Service or the Credit Ombudsman.
For more information about banking complaints contact the:
Financial Ombudsman Service by ringing 1300 78 08 08; or visiting the website: www.fos.org.au
or
Credit Ombudsman by ringing 1800 138 422; or visiting the website www.creditombudsman.com.au