Can you get a mortgage if your credit isn’t great?

Yes, it’s possible. Some specialized lenders cater to various types of bad credit.

What counts as a poor credit score?

Missing payments on bills, credit cards, mortgages, or other debts. Adverse listings like defaults, bankruptcy, judgements, court writs, or excessive credit inquiries raise concerns but don’t automatically disqualify you.

What is the maximum loan amount available?

If you have minor paid defaults under $500, you may borrow up to 95% of the property value. For larger defaults, judgements, court writs, part IX agreements, or discharged bankruptcy, it’s up to 90% of the property value.

How can you qualify for a home loan with bad credit?

Consult a specialist mortgage broker to build a strong case. Avoid more negative listings, make repayments on time, stay in contact with lenders, and pay off existing defaults.

Is approval likely with a less-than-ideal credit history?

If you’re borrowing less than 80% of the property value, approval is often easier, even with a bad credit history. Discharge from bankruptcy or a part IX agreement is essential.

What makes opting for a bad credit home loan a good choice?

It allows you to rebuild your credit score, secure a property opportunity, build credit, and repay bad debts.

What are special home loans for people with bad credit?

Offered by non-conforming or specialist lenders in Australia, these loans cater to situations where borrowers have credit file blemishes.

How do you get the green light for a home loan with bad credit?

Choose the right lender; non-conforming and specialist lenders are more flexible. Our experienced bad-credit mortgage brokers understand how to build a strong case.

Varieties of bad-credit home loans:

• Home Loan With Defaults: For those with paid or unpaid defaults.
• Discharged Bankruptcy Home Loan: For individuals discharged from bankruptcy.
• Part IX Debt Agreement: For those who completed a Part IX agreement.
• Tax Debt Home Loan: For borrowers with a large debt to the Australian Taxation Office.
• Debt Consolidation Home Loan: For those with unmanageable small debts.