To prove it - ask a friend, family member or the person sitting next to you, to count on two hands how many lenders they could name that offer home, car or personal loans and they would struggle to get past their first hand.

Even those borrowers who think they are working with an independent lender may be surprised to learn that it is in fact owned by one of the majors - St George by Westpac, Aussie Home Loans by CBA and U-Bank by NAB, just to name a few. Where does this leave non-bank lenders and why should you even consider them for your next loan?

Quite simply, expect choice, flexibility and personalised service. Non-banks know they have to be different in order to gain market share so they often offer genuinely competitive like-for-like products and more tailored loans including those who may not fit the rigid criteria of the banks.

It makes sense that the banks can afford to be more picky about which customers they assist and will offer more profitable products. This has opened the door for non-bank lenders to offer real value differences - be it on rate, features, fees, product innovation or service.

Whatever your borrowing needs - whether they are low deposit, unusual employment or income, or possible credit issues - non-bank lenders are more readily able to offer a ‘product fit’ for you rather that find a ‘customer fit’ for their products.

So if you’re in the market and looking at your home finance options, try to include a lesser known lender in your product shopping cart. If nothing else, they will give you a good comparison to keep the banks honest. You may even find that the saving, service or flexibility is so compelling, that you’ll choose a non-bank lender after all.

If you want to know more about your options, contact us as we have access to a broad range of home loan lenders including non-bank lenders.