What is a specialist lender?

A specialist or non-bank lender funds borrowers who fall outside the standard credit policy of major banks — bad credit, complex income, unusual employment, recent ABN, discharged bankruptcy, etc. They look at the full picture rather than auto-rejecting on a score or rule.

Are specialist lenders safe and regulated?

Yes — specialist lenders are subject to the same Australian credit licence rules as major banks. They are funded by global capital markets and held to the same responsible lending standards.

Will I pay much higher rates?

Specialist rates are typically 0.5-2.5% above major bank prime rates. The premium reflects the additional risk and case-by-case underwriting. The plan is to refinance to a sharper rate once your situation improves.

How long should I expect to be on a specialist loan?

Usually 18-36 months. After that, repayment history and improved income or credit position usually opens the door to refinance at a major bank rate.

How much deposit is needed for specialist lending?

Most specialist scenarios need 15-25% deposit. The harder the case, the more deposit. We'll model what's achievable for your scenario.

Specialist Lending Refinancing

Who this guide is for

Borrowers declined by 1+ major banks for any reason
Self-employed with complex or unusual income structures
Discharged bankrupts, paid defaults, or low credit score borrowers
Expats, visa holders, foreign income earners, casual workers, contractors

The real challenge

Major bank lending is increasingly automated and rules-based. If your situation falls outside the standard credit policy box you get an instant decline — regardless of how strong your overall financial position is.

Most borrowers don't realise that 30-40 specialist and non-bank lenders operate alongside the major banks, each with its own credit appetite. Without the right broker connections, those lenders are invisible.

How Mortgagefy helps

We work with the full panel of specialist lenders — non-banks, second-tier banks, private funders. We assess where your situation fits and pre-screen with the lender's BDM before lodging, so you only apply where there's a real chance of approval.

Specialist solutions are usually a stepping stone — the goal is to get you funded now and then refinance back to a major bank rate in 18-36 months once your situation improves on paper. We plan that exit path from day one.

How it works — 4 simple steps

Full situation review

We map every aspect of your income, credit, deposit and property goal to identify what's blocking a major bank.

Lender shortlist

From 30+ specialist lenders we identify the 2-3 most likely to approve your specific case.

Pre-screen

Where possible we pre-discuss your scenario with the lender's BDM before formal lodgement to confirm appetite.

Settlement + exit plan

We coordinate settlement and immediately plan the 18-36 month refinance to a major bank.

Frequently asked questions

We use offer letters and vesting schedules to value RSUs conservatively. We present current vesting value + projected future vesting as a 3-5 year income average. This gives lenders confidence in your income stability while accounting for market volatility.

Both. We work with W2 employees, 1099 contractors, and consultants. For contractors, we use 2 years of tax returns plus business financials. We have lenders who specialise in contractor income—they understand the variability.

Unvested options have zero value for refinancing. We count only vested equity. If you have a 4-year vest, we use 25% of the grant value (what's vested) plus a conservative projection of future vesting.

If you've been in your new role 6+ months, most lenders will refinance. We'll use your offer letter plus 6 months of pay stubs. If less than 6 months, it's harder but possible with specialist lenders.

Yes, if you have 2+ years of bonus history. We average the past 2 years and present it conservatively. Some bonuses get counted at 50% to be conservative with variable compensation.

ESPP is counted as deferred compensation. If your company matches or you have a discount, we value it as part of total compensation package.

Get a free specialist lending assessment

We tell you the truth about whether a specialist lender is right for you — and exactly which one to apply with.

Start Your Free Assessment Call 0432 634 648

Get your personalised answer in 2 minutes

Free, no obligation. We'll match you with the right lender for your situation.

Model your scenarios: Use our free home loan calculators to estimate borrowing capacity, repayments, and savings.

Specialist Lending Solutions for Borrowers the Banks Decline