Can I get a home loan with bad credit in Australia?
Bad credit is simply when an individual has a blemish on their credit record. Often these credit reporting agencies like Equifax keep five years of records. There are records dating back to the person’s first contact with a reporting agency, whether it was a credit application or if an enquiry was made on a person’s behalf.
These black marks tend to stay on the credit file for the five year period and cause huge problems for people when they are applying for a loan or credit of some sort. There are a number of these people out there, and they include those that have:
– been discharged from bankruptcy
– are in a part IX and X debt agreement
– had past defaults (paid or unpaid)
– made late credit or mortgage repayments
– had mortgage arrears
– been refused finance from a bank or another lender
There is a wide array of people who fall under these categories. It can be as simple as a phone bill that stays unpaid for a period of time, which can stick on a record for years to come. Or the person may have failed to make their minimum monthly repayment on a credit card. There is a wide array of reasons why someone may have a bad credit file.
What are my options with bad credit or a low credit score?
Anyone who has experienced the above-mentioned events could have bad credit. People who have bad credit are often people who have made mistakes with their finances in the past. It can be as simple as forgetting to pay a bill on time, or maybe things were more serious, and they couldn’t afford all their repayments, so they signed a part IX debt agreement. Even people who have trouble paying their mortgage on time can have bad credit. Or maybe they couldn’t meet their repayment obligations on their loans, and it became too much for them, so they had to declare bankruptcy. There is a range of different scenarios that could happen to a person throughout their lifetime.
Most people who have bad credit feel ashamed and think that it is impossible for them to redeem themselves and get a home loan or refinance a home loan. They may have applied to major banks and lenders and were rejected many times over. These people may feel hopeless and that they will never get into a new house or apartment. They may feel frustrated, or it feels like they are banging their head against a wall because nobody will give them a second chance. However, there are many options for people like this, which we will explore next.
How to get a home loan with bad credit in Australia?
It is a fact that real life happens, and unexpected financial hurdles can crop up. However, there is hope for people who experience financial hardship moving forward. There is a plan B and an opportunity to redeem their finances through bad credit home loans.
The answer to the question, can I get a home loan with bad credit, is a simple “yes.”
Although the home loan they may secure would be a bad credit home loan or a non conforming home loan, it gives the person an opportunity to get back in the game and start over. This means the person can forget about their previous financial issues and move forward. Often a bad credit home loan comes with a cost though, with a higher interest rate and stricter terms and conditions. However, do not dismay, as each loan is assessed on a case-by-case basis.
What to do next?
We at non conforming loans provide lending solutions for people from all walks of life who happen to have bad credit and who live in Australia. It doesn’t matter your situation, just reach out.
Contact us at Non Conforming Home Loans
These black marks tend to stay on the credit file for the five year period and cause huge problems for people when they are applying for a loan or credit of some sort. There are a number of these people out there, and they include those that have:
– been discharged from bankruptcy
– are in a part IX and X debt agreement
– had past defaults (paid or unpaid)
– made late credit or mortgage repayments
– had mortgage arrears
– been refused finance from a bank or another lender
There is a wide array of people who fall under these categories. It can be as simple as a phone bill that stays unpaid for a period of time, which can stick on a record for years to come. Or the person may have failed to make their minimum monthly repayment on a credit card. There is a wide array of reasons why someone may have a bad credit file.
What are my options with bad credit or a low credit score?
Anyone who has experienced the above-mentioned events could have bad credit. People who have bad credit are often people who have made mistakes with their finances in the past. It can be as simple as forgetting to pay a bill on time, or maybe things were more serious, and they couldn’t afford all their repayments, so they signed a part IX debt agreement. Even people who have trouble paying their mortgage on time can have bad credit. Or maybe they couldn’t meet their repayment obligations on their loans, and it became too much for them, so they had to declare bankruptcy. There is a range of different scenarios that could happen to a person throughout their lifetime.
Most people who have bad credit feel ashamed and think that it is impossible for them to redeem themselves and get a home loan or refinance a home loan. They may have applied to major banks and lenders and were rejected many times over. These people may feel hopeless and that they will never get into a new house or apartment. They may feel frustrated, or it feels like they are banging their head against a wall because nobody will give them a second chance. However, there are many options for people like this, which we will explore next.
How to get a home loan with bad credit in Australia?
It is a fact that real life happens, and unexpected financial hurdles can crop up. However, there is hope for people who experience financial hardship moving forward. There is a plan B and an opportunity to redeem their finances through bad credit home loans.
The answer to the question, can I get a home loan with bad credit, is a simple “yes.”
Although the home loan they may secure would be a bad credit home loan or a non conforming home loan, it gives the person an opportunity to get back in the game and start over. This means the person can forget about their previous financial issues and move forward. Often a bad credit home loan comes with a cost though, with a higher interest rate and stricter terms and conditions. However, do not dismay, as each loan is assessed on a case-by-case basis.
What to do next?
We at non conforming loans provide lending solutions for people from all walks of life who happen to have bad credit and who live in Australia. It doesn’t matter your situation, just reach out.
Contact us at Non Conforming Home Loans
