What is bad credit?
Bad credit can take many different shapes including, but not limited to:
- Mortgage in arrears: You have missed payments on your mortgage.
- Adverse credit file: You have defaults, bankruptcy, judgments, court writs or too many credit enquiries listed on your credit file.
- Lender credit history: You have a bad history with the lender you’re applying with.
- Unpaid bills and tax: You have outstanding bills such as council rates or late tax bills.
- Company in financial trouble: If you are the director of a company that is in financial trouble, receivership, or liquidation.
- Over committed: You have a high level of debt compared to your income and total assets.
Many believe bad credit disqualifies them from owning a home. However, at Home Loan Experts, we understand that life happens. We can help you get back on track, as long as you meet certain eligibility criteria below.
Do you qualify?
Typically our clients are able to borrow up to 95% of the property price depending on the situation. Lenders will also need you to have 10% savings (5% for deposit and 5% for additional costs) or a property ownership.
We can help you if:
- You’ve had defaults recorded on your credit file but you’ve managed to pay them off.
- You’ve had unpaid defaults.
- You’ve had judgement or court writ.
- You’ve finished paying off your Part IX debt agreement.
- You are a discharged bankrupt.
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Having being previously rejected due to bad credit/defaults, the team helped us buy our first home. The communication was fantastic and they guided us throughout the whole process. We are so grateful and will be recommending all our family and friends – our brokers for life!
This is the 2nd time I’ve worked with HLE to find a mortgage and they have again outdone themselves. From the first contact to their ongoing review of my loan to refinancing they have presented me with excellent options and have ensured I am informed every step of the way.
The team has been proactive, easy to reach and absolutely fantastic from pre approval all the way to post settlement. Very prompt, amazing accountability and interpersonal skills from the team. Cannot thank you all enough for the amazing experience and support!
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Customised home loan solutions for you
Unlock your homeownership potential in just 3 easy steps.
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Enquire with us.
Quickly fill out our free assessment form to see your situation qualifies for a bad credit mortgage. Or connect with a specialist at +61 2 9194 1700.
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Understand your situation.
A dedicated expert will connect with you to understand your specific goals. Together, we’ll assess your current mortgage standing.
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Secure your ideal refinance solution.
Leverage our network of lenders to find the best option based on your needs.