Home Loan Lenders for Australian Homes
Australian Home Loan
Club provides Aussies looking for HomeLoans in Australia with
a cross referenced lenders information guide. Australian Home Loan
Club has researched home loan information to assist borrowers make
a wise choice from the best home loan providers for any situation.
Prior to financial deregulation Banks and Building Societies held
a monopoly in the Australian retail market for home loan lending.
The main considerations for a loan today are costs and flexibility.
It is also important to consider accessibility of the lender and
of course the reputation of the lender.
Today there are many types of home loan providers, basically there
are two groups Banks and Non banks:
Banks:
Australian-owned Home Loan lending Banks
Please refer to advantages and disadvantages
of a bank vs. non bank mortgage
- Adelaide Bank Limited
- AMP Bank Limited
- Australia and New Zealand Banking Group Limited
- Bank of Queensland Limited
- Bendigo Bank Limited
- Commonwealth Bank of Australia
- Elders Rural Bank Limited
- Macquarie Bank Limited
- Members Equity Pty Limited
- National Australia Bank Limited
- St George Bank Limited
- Suncorp-Metway Limited
- Westpac Banking Corporation
Foreign Subsidiary Banks
Please refer to advantages and disadvantages
of a bank vs. non bank mortgage
- Arab Bank Australia Limited
- Bank of Cyprus Australia Pty Limited
- BankWest (the trading name of Bank of Western Australia Limited,
a foreign subsidiary bank following its sale to Bank of Scotland
in December 1995)
- Citibank Pty Limited (a subsidiary of Citibank N.A.)
- HSBC Bank Australia Limited
- ING Bank (Australia) Limited
- Investec Bank (Australia) Limited
- Laiki Bank (Australia) Limited
- NM Rothschild & Sons (Australia) Limited
- Rabobank Australia Limited (a subsidiary of Rabobank Nederland
from October 1994)
Non Banks:
Non Bank Building Societies
Please refer to advantages and disadvantages
of a bank vs. non bank mortgage
- ABS Building Society Ltd
- B & E Ltd
- Greater Building Society Ltd
- Heritage Building Society Limited
- Home Building Society Ltd
- Hume Building Society Ltd
- IMB Ltd
- Lifeplan Australia Building Society Limited
- Mackay Permanent Building Society Ltd
- Maitland Mutual Building Society Limited
- Newcastle Permanent Building Society Ltd
- Pioneer Permanent Building Society Limited
- The Rock Building Society Limited
- Wide Bay Australia Ltd
Non Bank Mortgage Introducers - Originators - Managers
There are three categories of a non-bank lender. They are
:
1. Mortgage Introducers
2. Mortgage Originators
3. Mortgage Managers
Despite the fact that they are described as non-bank lenders, it
must clearly be understood that they are not providing the money
being lent, they are simply an intermediary. Banks and businesses
who fund mortgage investments have relied on intermediaries to promote,
sell and manage their product. The reason is that these intermediaries
perform the function of finding borrowers and processing loans more
efficiently and at a far lower cost than banks.
An important fact is that the non-bank lender, despite what category
or function they perform, is not the lender. Despite the fact that
they are described as non-bank lenders, they are not providing the
money being lent, they are simply an intermediary.
When you, a consumer borrows through a non-bank lender you must
check the mortgage document to identify the lender, as they are
described on the mortgage document as the mortgagee of record. If
the non-bank lender goes "belly up" then the mortgagee
of record will do one of two things; it will either appoint a new
mortgage manager, or take over the client themselves and manage
them direct. In any event if a non-bank lender does "fly the
coop" it will have no affect on the consumer.
Some non bank mortgage originators provide all 3 functions as
Introducer - Originator - Manager. A few examples of these larger
non bank mortgage originators are:
- Aussie Home Loans
- Acquired home Loans
- Assured Home Loans
- Bernie Lewis Home Loans
- Club Financial Services
- Wizard Home Loans
The actual lenders, in addition to the above banks are often big
business investors such as Interstar
Please refer to advantages and disadvantages
of a bank vs. non bank mortgage
Home Loans for Aussies with the Australian Home Loan Club:
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