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Bad Credit Loans
Obtaining credit and financing is an integral part of the world we live in. Unfortunately for some people due to bad luck or unfortunate circumstances, things can go wrong and their credit is impaired. Many assume that their ability to finance into the future is permanently affected but that is not the case. If it is a minor instance it may be resolved and repaired. Positive credit reporting where your actions in paying down debt or clearing outstanding items also need to be reported.
If you have been affected in the past by a bad credit event, don’t assume you can’t get a loan. talk to the friendly staff at free credit report and let them help you.
What is a Bad Credit Home Loan?
A bad credit mortgage loan is for people with a bad credit rating, generally under 500 on the credit score. See the front page for an explanation. Impaired credit with unresolved debts usually makes getting a loan difficult. We would look at your circumstances, look to assist you in resolving anything outstanding issues and then to move forward as long as you can demonstrate sufficient income via payslips, bank statements or tax returns. Every circumstance is different and needs to be looked at on a case by case basis. We are here to assist you get a loan. If it is possible we will make it happen for you.
How You Get a Bad Credit House Loan?
- Be honest about your situation and answer all financial questions with detailed, accurate information.
- Stop applying everywhere, this is further damaging your credit score. We won’t add to your credit file until we are happy that you have a good chance of being approved. If we don’t think you are likely to succeed, we will advise you not to apply for a loan.
- Get your finances in order with a budget and a plan. We can help you with online resources to assist with this. If you have not had your finances under control in the past, then it is good not to repeat this again.
- Get your credit report and then we can discuss moving forward with a loan.
Who can get a Bad Credit home loan?
Any Australian citizen over the age of 18 depending on their specific circumstances. Our aim is to rectify any issues so that you have the best chance of getting a loan. If you have outstanding debts on your credit history, then they need to be paid or it is very unlikely you will get a loan. A lender wants to know they are cleared before proceeding.
Can I get a bad credit house loan with guaranteed approval?
Yes. Generally you will either be assessed as worthy of a loan or not and before you purchase anything. You will be aware of whether you are eligible before proceeding.
Can I get a bad credit house loan with no credit check?
Generally No. There may be a company that would do it but expect the interest to be very high, enough to give you bad credit again!
Can I get a bad credit home loan with no deposit down?
Generally No. The risk of a previous bad credit history combined with no deposit is usually enough for most lenders to say no.
Can I Get a Loan as an Undischarged Bankrupt?
An undischarged bankrupt generally will not get a loan because their financial affairs are yet to be finalised. This means they are still going through the bankruptcy process. Conditions may be applied as to certain amounts that are required to be paid back as part of the bankruptcy. Lenders are generally not interested in this high risk borrower.
If My Bankruptcy Is In The Past Can I Get a Home Loan?
It depends on your individual circumstances. Why you went bankrupt can be an important factor. If your insurance company failed to pay for damage to your house and the bank foreclosed on you and previously you had good credit, that would be more favourable than if you had clocked up debts everywhere with no intention of paying them off. It depends on the time since bankruptcy, your current income and an assessment of your credit report. The answer is yes but it depends on your individual circumstances.
Is It Possible To Get a Home Loan With Bad Credit?
Yes, depending on your individual circumstances. Everything needs to be assessed along with the loan amount required.
Call 1800 100 100 or via the https://www.mortgages123.com.au website for more details.