Hello Parker. Welcome to the forums.
After 1 July 2018, comprehensive credit reporting (CCR)
was mandatory. which means lenders will thoroughly scrutinize your credit history. Information related to 24 months repayment history, account limits, type of credit products you have held in the last two years, etc are all listed.
In most cases, a credit score of below 550 is considered bad
. This indicates to the lenders that the borrower is not financially stable and that you are a risk.
However, your credit score is just a small part of the bigger picture. If you can show that you have paid off your defaults and in a better financial position now, lenders might be able to help you with bad credit home loans
You can also work on the following tips to increase your credit score by ensuring:
- You're not being charged for cancelled services.
- You have not accrued a black mark due to mistaken identity.
- Your credit file shows your current address
- Pay your bills on time and in full
- You don't make more credit enquiries in a short period of time.
Give us a call on 1300 889 743
or fill in our free assessment form
to find out if you qualify for a home loan, even with a low credit score.