Re: Applying for a bad credit home loan
Posted: Fri Feb 08, 2019 8:55 pm
Hi Chino,
Welcome to the forums.
Because properties in Category 3 locations tend to have fluctuating market prices, banks consider it to be medium to high risk. That could be one of the reasons why your application got rejected.
You might still be able to get a home loan with a lender that is more willing to accept properties in rural locations..
However, what will really affect your chances at home loan approval is your credit card default.
What really strengthens your chances is the fact that defaults under $500 are considered small and you have actually repaid the default in full.
If this was one a one-off event and you can proof of this and the fact that you're now in a better financial position, you'll have a good chance at getting approved.
The key is presenting a strong case to a lender that specialises inbad credit home loans.
Call 1300 889 743 to speak with one of our expert mortgage brokers or fill in our free online assessment and one of our expert mortgage brokers can assist you in finding the right lender.
Cheers,
Otto
Welcome to the forums.
Because properties in Category 3 locations tend to have fluctuating market prices, banks consider it to be medium to high risk. That could be one of the reasons why your application got rejected.
You might still be able to get a home loan with a lender that is more willing to accept properties in rural locations..
However, what will really affect your chances at home loan approval is your credit card default.
What really strengthens your chances is the fact that defaults under $500 are considered small and you have actually repaid the default in full.
If this was one a one-off event and you can proof of this and the fact that you're now in a better financial position, you'll have a good chance at getting approved.
The key is presenting a strong case to a lender that specialises inbad credit home loans.
Call 1300 889 743 to speak with one of our expert mortgage brokers or fill in our free online assessment and one of our expert mortgage brokers can assist you in finding the right lender.
Cheers,
Otto