A bad credit score can sound like the end of the road, with a standard view that you cannot qualify for a home loan. In the case of traditional lenders, this is typically the case, as they tend to not cater for bad credit home loan products.
However, there are products out there for bad credit scores, which non-traditional lenders look to offer (such as a bad credit self-employed mortgage).
Comparez is the only Australian dedicated site for specialty lenders. This is where we can help you, as we will search for these lenders and compare products and rates for your review,
to ensure that if there is a bad credit home loan product that fits, you will know about it.
Have you ever missed an instalment on a bill, mortgage, credit card, or any type of debt in the past? If you have, chances are it will reflect as a bad credit loan in your credit file.
A credit file defines your credit history which includes the type, amount, duration, and other factors of your previous loan.
Having too many credit requests, court writs, judgments, bankruptcy, defaults on your credit file can lower your credit score.
Major banks may assess you as being insolvent if your total assets are less than total liabilities.
Receivership or liquidation of your company can affect your personal credit history as a director.
Outstanding bills, including tax bills or council rates, will reflect as bad credit history to hinder quick home loan approval.
Lenders always check the credit history of their customers and can deny your loan if they have defaulted in the past.
Just one missing payment can put a negative impact on your credit score and banks will avoid refinancing your loan.
If you are approved for a loan, it allows you to improve your credit rating, and in turn, open up your borrowing options in the future.
Our experienced bad credit mortgage brokers can help you improve the credit score to get your home loan approved.