You can get approved for a home loan even if you have defaults on your credit file. The type of default, amount, and how old they are, are all taken into account. Generally speaking, paid defaults are looked at more favourably than unpaid defaults.
- 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.
Cheers,