How does WLTH compare with other home loans?

All home loans really depend on your own circumstances. Like how much deposit you have, what features you're interested in and what your purpose of the loan is. So while WLTH would be great for some borrowers, it might not work so well for others. The great thing about WLTH is that it offers 90% LVR loans and a speedy online application process. To get a good idea of how WLTH might compare for your needs, you should compare all home loans across the market.

Are there any risks of going with a smaller lender?

Any lender, whether they're a bank or a non-bank, large or small, is tightly regulated. WLTH is still responsible under the Consumer Credit Code, which governs all credit transactions in Australia. They're also responsible under the Australian Securities and Investments Commission (ASIC). And besides, they're the ones lending you money.

What's the difference between a bank and a non-bank?

A bank holds a banking licence, while a non-bank does not. This just means that banks are able to hold your money in products like bank accounts or savings accounts. Non-banks typically focus on lending money instead. Some non-banks might charge higher interest rates than standard banks, but they can typically service more borrowers. Non-banks have more of an appetite for customers outside of APRA's lending guidelines. For example, while banks will assess a borrower's ability to pay the loan if the rate was 3% higher, non-banks are more likely to look at lower serviceability buffers.