Bad credit home loan

Any general questions you might have in regards to loans and finance.
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Otto Dargan
Mortgage Specialist
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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,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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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,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
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,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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