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,