The mortgage market is heating up, and borrowers now have more choices than ever. With non-bank lenders gaining ground, traditional banks are stepping up their game to stay competitive. So, which option is right for you? Let’s break it down.

Why More Aussies Are Choosing Non-Banks

Non-bank lenders are shaking things up with:
Faster approvals with fewer delays
More flexible lending criteria, making it easier for self-employed borrowers, non-residents, or those with credit challenges to get approved
Alternative options for those who may not meet the strict lending requirements of traditional banks
In 2024, non-banks took 11% of the home loan market and 16% of commercial real estate lending – and their share keeps growing.

How the Big Banks Are Fighting Back

Banks aren’t backing down. They’re introducing:
Increasing investment in broker support, automation, and faster loan processing
Using artificial intelligence to improve efficiency and customer service
Introducing new features such as multiple offset accounts to help customers reduce interest
Expanding lender’s mortgage insurance (LMI) waivers for professionals like accountants, lawyers, and doctors
Offering better loan options for self-employed borrowers, including acceptance of a single year’s tax return for applications
What’s the Best Move for You?

The right lender depends on your situation. Whether you’re a first-home buyer, investor, or self-employed, having the right strategy matters.

At Loan WA, we work with both banks and non-banks to find the best deal for you.