Bad Credit Home Loan
Have you been declined on a home loan with your bank or another lender? Do you urgently need to get a new home loan? Have you had bad debts, defaults, Baycorp, credit issues, or other problems in the past? Mortgage Rescue may be able to help with this and get you a bad credit home loan.
What is a bad credit home loan?
This home loan helps people with bad credit get approved for finance. Often, many banks will prefer to give a home loan to someone with excellent credit. However we understand that life has its difficult points, and things can happen.
With the help of a professional adviser or broker, it is possible to get a home loan, even if you have credit issues.
How does a bad credit home loan work?
A bad credit home loan works by more lenient and friendly criteria. This means that someone who has problems getting finance or credit in the past, could possibly get a home loan. Even if you have a lower credit score, it can be possible to get a bad credit home loan.
- The home loan is more lenient on a credit check, even if you have had problems with borrowing money or credit issues in the past
- Even if you have had arrears or problems paying bills in the past, you might still get approved.
- A genuine lender could help you.
- You need to be honest about the credit issues to help the financial adviser or mortgage broker better do their job. If you hide issues, they usually get discovered anyways, and makes it harder later
Does it cost more to get a bad credit home loan?
Yes, but it is usually very worthwhile. Being able to get home loan even if you’ve had problems in the past, rather than NO home loan at all, is a great result for a lot of people. Loans that usually offer credit to those with bad credit, can sometimes mean that your repayments or costs are higher, because you are considered to be of higher risk. The good news is that you can over time, build back your credit rating, and then be moved to a lower cost.
Apply now because this can be a great way to get yourself out of a difficult or challenging situation. This is great if you need to get an emergency finance or refinance on a property.
How to apply
Talk to a professional mortgage broker who specialises it. You can access our contact form to send us a message to try get in touch and apply for a bad credit home loan specialist. They will be able to talk to you about your situation and understand what might be a possibility
Information you’ll need to provide could include, but is not limited to:
- Identification (for example: your driver’s license, or passport)
- Personal details (such as your contact details)
- Basic bank statements
Other information will be discussed with you.
Giving the professional mortgage broker an idea about what your situation is, with clear and complete details, will help reduce stress and questions later down the track.
How long does it take to apply?
Because these types of home loans for the credit impaired are often done through smaller finance companies or co-operative organisations, sometimes they can need a bit more time to be approved. However if your circumstance is urgent, let your financial adviser or mortgage broker know as soon as possible.
Tips for applying and the application process
- If your situation is urgent, tell the mortgage broker or financial adviser.
- Be prepared to give information in a timely manner. The faster you are and the more prepared you can be, the easier it will be for the financier to get you a result.
- Be strong and positive – the process can sometimes be a bit daunting, but the more positive you can be, the better for everyone.
Understanding the process is also a great way to realise what you need. Get in touch with help as soon as possible.
Advantages of a bad credit home loan
There are different advantages of applying for this type of home loan:
- If you’ve previously been declined elsewhere, you could become successful
- Even if you have had trouble paying the bills or had arrears in the past, you could still get an approval through this.
- You can have what you want now, rather than having to wait (e.g. you could get your home loan or get refinanced now, rather than having to wait years).
- It gives you a chance to build up your credit and your track record again, and prove yourself.
- You could potentially save your home from going to mortgagee sale (or stop the mortgagee sale process).
- If you’ve defaulted on your mortgage or received a Property Law Act (PLA) Notice, it could give you an opportunity to refinance your home.