Bad credit home loan

Any general questions you might have in regards to loans and finance.

dota2
Posts: 7
Joined: Wed Sep 30, 2015 7:30 am

Bad credit home loan

Hello.
Bad finances, caused me to overdue my credits some time back. Now that I am recovering and have less than $1500 in arrear, I wish to invest in a property in Perth. Would major lenders accept my application?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Bad credit home loan

Post by Otto Dargan »

Hi and welcome to the forums dota2.

It's good to know that you're managing your finance in a better manner. Applying for a home loan with a bad credit history can create tensions with lenders. They are cautious while lending to borrowers with a bad credit history. Therefore, major banks and lenders will most likely decline your application. However, you can apply with non-conforming or specialist lenders for a bad credit home loan.

  • With less than $1500 in defaults, you can borrow up to 90% of the property value with a specialist lender or up to 100% of the property value if you have a security guarantee from your parents.
  • If you have unpaid defaults, you can borrow up to 90% of the property value with a non-conforming lender. Lenders might require you to pay the defaults before your loan is approved.

You can speak to our specialist mortgage broker on 1300 889 743 to build a strong application. You can also fill in our free assessment form to see if you qualify for a loan or not.

Cheers,

dota2
Posts: 7
Joined: Wed Sep 30, 2015 7:30 am

Re: Bad credit home loan

Post by dota2 »

That's great. Thanks
Can I repair my credits?
I've come to know that banks go easy with applications with repaired credit history.

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Bad credit home loan

Post by Otto Dargan »

Hi dota2.
Credit repair removes disputable, unfair, or contestable listings from your credit report. This prevents the lenders from seeing your credit history. However, you should make repayments of your arrears.

Among a number of benefits of credit repair, the most common are:

  • You will qualify for a lower interest rate on a new loan and credit card.
  • Your loan approval process is quicker.
  • Your overall repayments will be reduced.
  • The upfront and ongoing fees and charges by the lender will be reduced.

If you would like to find out more about credit repair, you can contact one of our brokers on 1300 889 743, or check out our website.

Cheers,

dota2
Posts: 7
Joined: Wed Sep 30, 2015 7:30 am

Re: Bad credit home loan

Post by dota2 »

You seem to have it all in your website. It was such a help. I would also like to get some help from one of your expert brokers.

Corazon
Posts: 9
Joined: Tue Feb 18, 2014 10:13 am

Re: Bad credit home loan

Post by Corazon »

Hey guys.
I have had some credit enquiries, but I am still looking for a home loan.
I tried talking to a broker friend of mine about bad debt home loan, but all he did was answer in gibberish. However, he suggested that I talk to a specialist broker to understand better. How are these specialist brokers different from regular ones?

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Bad credit home loan

Post by Otto Dargan »

Hi Corazon,
Brokers have to deal with different mortgage situations. Therefore, most have a fixed comfort zone and are experts in specific areas.

Similarly, specialist specialist bad debt broker can help assess your application asking for the same personal information as if you were applying for a standard loan.

While talking with them, explain the reason for each black marks on your credit file when they assess your situation, including:

  • when they occurred
  • The amount they went for
  • How you've recovered from your past financial situation.
  • What caused your situation to get better.

Be honest because if you don't qualify, they can at least explain how you can qualify in the future.

Talk with our expert bad debt broker on 1300 889 743 to talk with one of our brokers. You can also fill in our free assessment form to see if you qualify for a loan or not.

Cheers,