Home Loans for Bad Credit
Having poor credit makes it more challenging to get a loan, but it’s not a life sentence. Here’s how we can help.
Bad credit? You can still get a home
Life is full of surprises, and not always the good kind. There are all kinds of reasons you may end up with a poor credit score, including pausing repayments to cover medical expenses or having a bankruptcy because legislative industry changes had a negative impact on your business. Yet once your credit score has dropped into the “bad” range, it can be hard to climb out since many loan providers will refuse to lend to you, excluding you from staples of financial stability such as owning a home.
Defaults and bad credit is actually tiered from minor to more severe ratings. Lenders do recognise this and will still provide a home loan. They simply price the interest rate and fees in line with the assessment of your bad credit rating. Each lender has its own internal assessment matrix therefore it’s useful to work with a broker who has the expertise to compare lender matrices and provide guidance on the finance that will suit you.
Our view of bad credit is that it’s a temporary state for most borrowers. Therefore, we ensure you have a robust and clear plan to clear your credit file providing you with the opportunity to refinance into a prime home loan.
While having bad credit makes it harder to get a home loan, it certainly doesn’t make it impossible. When you work with a broker at Find Your Property Finance, we’ll evaluate your unique circumstances to figure out the options available to you and the best way for you to obtain the home loan you want.
This includes looking at indicators of your financial health other than your credit score, such as your income. There’s more to you than a number, and many lenders now realize that — it’s just a matter of finding the most suitable and cost effective finance option for your unique credit profile.
TO FIND OUT MORE ABOUT OUR PROCESS AND HOW WE CAN HELP YOU.
Contact us today for confidential assessment and discussion of your options.