Here’s What Lenders Mean By Bad Credit
Bad credit isn’t a single label. It’s a broad term that lenders use to describe a range of past credit events.
Missed or Late Payments
These are late or missed repayments on credit cards, personal loans or utilities that appear on your credit file. For many lenders, recent behaviour matters more than older slip-ups.
Defaults (Paid or Unpaid)
A default occurs when a debt is not paid on time. Paid defaults show the issue has been resolved, while unpaid defaults are still outstanding. Lenders assess these differently.
Discharged Bankruptcy
Bankruptcy is designed to give you a fresh start. Once discharged, lenders focus on the time since discharge and whether you’ve rebuilt stable finances since.
Debt Agreement
A debt agreement is a formal repayment arrangement under the Bankruptcy Act. Lenders look at whether it’s current or completed, and how your finances have been managed since.
Are You Eligible For A
Bad Credit Home Loan?
Eligibility depends on the type of credit issue and your current financial situation. Here is how lenders assess each scenario.
Defaults on Your Credit File
Defaults are assessed based on whether they’re paid or unpaid, how long ago they occurred, and whether your repayment behaviour and financial position have improved since.
Missed or Late Payments
Lenders usually look at how recent the missed payments were, whether repayments have been consistent since, and whether your income and employment are stable now.
Judgment or Court Writs
Court judgments are assessed based on whether they’ve been resolved, how long ago they occurred, the circumstances involved, and whether your finances have stabilised since.
Discharged Bankruptcy
After discharge, lenders focus on time since bankruptcy, absence of new credit issues, evidence of financial recovery, and realistic borrowing expectations.
Debt Agreements
Lenders consider whether the agreement is current or completed, how repayments have been managed, how long it’s been in place, and whether your income is stable.
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Defaults
Defaults on Your Credit File
Defaults are assessed based on whether they’re paid or unpaid, how long ago they occurred, and whether your repayment behaviour and financial position have improved since.
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Missed or Late Payments
Missed or Late Payments
Lenders usually look at how recent the missed payments were, whether repayments have been consistent since, and whether your income and employment are stable now.
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Court Actions
Judgment or Court Writs
Court judgments are assessed based on whether they’ve been resolved, how long ago they occurred, the circumstances involved, and whether your finances have stabilised since.
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Bankruptcy
Discharged Bankruptcy
After discharge, lenders focus on time since bankruptcy, absence of new credit issues, evidence of financial recovery, and realistic borrowing expectations.
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Debt agreements
Debt Agreements
Lenders consider whether the agreement is current or completed, how repayments have been managed, how long it’s been in place, and whether your income is stable.
Our Clients Say It Best
See how we’ve helped Australians with bad credit achieve their homeownership dreams.
“The process has been smooth and in a timely matter. I can now put myself back on track financially and improve my credit score.”
“My credit score isn’t great and I have a large HECS debt which reduced my borrowing power but these guys didn’t stop until I had a home loan offer.”
“I don’t have a spotless credit history or normal salary income, but the Home Loan Experts were still able to find a solution. ”
“First home buyer with poor credit – We would tell anyone listening that Home Loan Experts are the best.”
Why Choose Home Loan Experts?
We’re Australia’s trusted bad credit mortgage specialists with a proven track record of success.
10+ Years Experience
Specialised in bad credit lending with thousands of successful approvals
Judgement-Free Support
Compassionate team who understands your situation and works for your success.
Fast 24-Hour Turnaround
Quick assessments and rapid response times to get you moving faster
40+ Specialist Lenders
Extensive panel of lenders who specialise in bad credit lending
Talk To The Experts
Do you have questions about bad credit loans or need assistance with your mortgage application? We’re here to help.
Contact Information
Phone
1300 889 743
Overseas Phone
+61 2 9194 1700
info@homeloanexperts.com.au
Head office location
Suite 207, 3 Rider Boulevard Rhodes NSW 2138
Branch office location
Suite 1, Level 1, 120 Erina St, Gosford NSW 2250
Opening hours
Monday – Friday, 8:00 AM – 6:00 PM