It depends on how long these missed payments went unpaid. If they were overdue for more than 60 days, your partner would have gotten two defaults listed on his credit file.
There are lenders who may approve your home loan even if you have a few defaults. However, this will depend on the types of defaults that your partner have, how old they are, if they are paid and the total number and dollar value of the defaults.
To qualify with one of our lenders, you will be required to meet the following criteria:
- Not have more than $500 in defaults to borrow up to 95%.
- Not have more than $1,000 in defaults to borrow up to 90%.
- Not have more than two defaults in total for one application.
- The default must have been paid at least six months prior to applying.
- Must have at least 5% in genuine savings if you are purchasing a property. This is typically in the form of regular deposits made into a savings account over a period of 3-6 months.
- Must have a very good reason for a flawed credit history.
It’s important that you’re aware of what defaults you have and the status of each of them in order to avoid applying with an unsuitable lender and being turned down due to your bad credit history.
We can order a credit report from Equifax, assess your situation in full and let you know if we can help you.
Cheers,
Otto