Can I get a home loan with Bad Credit of $15000

Any general questions you might have in regards to loans and finance.
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Hoa Hong
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Re: Can I get a home loan with Bad Credit of $15000

Post by Hoa Hong »

Hi Iamnuke,

The current amount of defaults, you've either paid or unpaid, is quite large for a mainstream lender to consider.

When defaults are of this size, we need to work with specialist lenders to borrow up to 90% of the property value on an interest rate higher then the norm. But once your defaults fall off your report, the banks can consider you to refinance back into normal rates.

With a specialist lender, you'd need at least a 10% deposit + 5% for stamp duty and fees.

When were your defaults listed? Are they paid or unpaid? What are they and why did it get this far?

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