Bad credit home loans can help you secure a loan even with a poor credit score or bad credit history. There are many reasons why people end up with a bad credit rating. Regardless of your unfortunate circumstances, you still may be eligible for a home loan.
At Intellichoice, we handle the loans that other brokers don’t know how to handle and we have been successfully providing bad credit home loans for years.
With bad credit to worry about, a new enquiry or a failed loan application would not be an ideal addition to your credit file. This is what makes financial services like Intellichoice Finance advantageous. We carefully access your financial situation without having to make an enquiry on your file, thus, creating no further damage to your credit history. Directly applying to a bank does not give you that feature, besides the fact that a bad credit loan application approval is almost close to impossible through a bank.
With our wealth of mortgage broking experience, we have the expertise to source the best options for people with bad credit. Whether you have had previous bankruptcy, low income or a default on your credit file, we may still be able to help you. It doesn’t necessarily mean you can’t get a home loan and finally own your dream home.
There are some differences between this type of loan compared to a traditional home loan. You may be required to provide a bigger deposit. This is because if you have a bad credit it’s difficult to get mortgage insurance. Normally when borrowing more than eighty (80%) of your property value, you are required to obtain Lenders Mortgage Insurance (LMI). At Intellichoice, we provide you with all the information you need to acquire a bad credit loan and we walk you through the process in a simple, easy to understand, way.
How long is your bad credit recorded for?
Your credit report will show all credit related enquiries in the last 5 years. All defaults and judgments usually stay on your credit file, irrespective of whether they are paid or not for a period of 5 years from the date they are listed. Bankruptcy information may remain on your credit file for up to 7 years
Can credit repair improve my credit rating?
If you fix your credit file before you apply for a home loan then lenders will look at your application as though you had no bad credit. Talk to us about it when you call.
Can I apply for a home loan with bad credit rating?
Most of the time it's difficult to get a loan from traditional lenders if you have bed credit, however, our expert approach means that we will find the right lender for you, that can consider your situation when they assess your application.
Who can qualify for a home loan?
Usually bad credit home loans are suited to people who have had unfortunate events like divorce, injury, loss of job or business failure. If this has then resulted in black marks on your credit file, traditional lenders will be unlikely to lend to you. This is where you may qualifity for a bad credit home loan.
What to do!
It’s good to review your own credit history to ensure that there are no bad credit listings noted on your credit file. To do this, you can obtain a copy of your credit report, from VEDA Advantage.
Bad credit loans are assessed on a case by case basis. As each person’s credit history and borrowing requirements are different, so are the options.
We specialise in bad credit home loans. Our ethical and honest approach means that you get the service and opportunities you need, to own your own home. We have access to niche funding sources, ideally suited to assisting borrowers seeking a bad credit home loan or bad credit mortgage for investment purposes. Our reputation precedes us with hundreds of happy clients all over Australia, successfully obtaining a home loan. Often loans can be approved for applicants with a bad credit history at around the same interest rates for borrowers with no credit impairments. Talk to us today about your bad credit home loan options and we will take care of you. Contact us on 1300 55 10 45, and get your loan.
Are mortgages for borrowers that have what is considered an impaired or bad credit history. These home loans are specifically tailored to accommodate the lending requirements of borrowers who have a credit history and these include defaults, judgements or bankruptcy.
We can help you obtain home and investment loans where other lenders said no. Loans can often be approved for applicants with a bad credit history at around the same interests rates for borrowers with no credit impairments. Talk to our Loan Specialist about your Bad Credit Home Loan options and your unique circumstances in complete confidence.
Here at Intellichoice, we do the legwork. Our highly qualified team will provide expert guidance and hassle-free competitive mortgage options. With our ever-growing, extensive list of lenders, we can find the right products under the right conditions.