Hello Curtis. Welcome to the forums.
Major banks and lenders will likely decline applications from Australians with bad credit looking for a home loan. However, there are non-conforming or specialists lenders that are more flexible with their lending policies. They use a common sense approach and will assess your home loan application on a case by case basis and listen to your story as to what went wrong.
Bad credit home loans
offered by non-conforming or specialist lenders are designed to help the outside the box applications that don’t meet the bank’s guidelines.
You can get approved for a home loan even if you have several defaults on your credit file. The types of defaults
that you have, how old they are, if they’re paid, the total number and the dollar value of the defaults are all taken into account by our lenders.
- Less than $500 in paid defaults: You can borrow up to 95% of the property value.
- Less than $1,000 in paid defaults: You can borrow up to 90% of the property value.
- Any unpaid defaults or larger paid defaults: You can borrow up to 90% of the property value with a specialist lender.
We specialise in bad credit home loans.
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a bad credit mortgage.