SMSF Loan With Bad Credit

How to be eligible for a SMSF loan with bad credit?

What do most lenders think?

Banks have an obligation to make sure your super fund is adequately funded so you can afford a loan. The main issue is checking that there is enough liquidity in the fund to meet your ongoing needs, they will also take into account your credit history since you are the trustee making the guarantee.

Secured lending is a relatively new concept in the credit world and as such, there isn’t much leniency when it comes to credit history. This means applicants with lower credit ratings won’t be eligible for loans with this type of financing.

bad credit smsf loans

How much can I borrow?

We’ll take a look at your individual situation, including your level of credit impairment, and offer you the best package we can depending on what you need.

This will determine on your access to residential property, commercial property and refinance. 

No matter what circumstance has results in a bad credit loan, there are many ways to still invest in SMSF. 
Contact our expert team to learn more!

How to get approved?

If you have a bad credit rating and would like to still get approved for an SMSF loan, there are some factors that your lender will need to know. They are: how much the defaults were for, when they occurred, and if they’re currently paid off or not.

A common misconception about applying for bad credit SMSF loans is that you only need to showcase how good your credit is. It’s also essential to show us what caused any blemishes on your credit history such as work separations, medical problems, etc.

Steps for improving your credit  

  • Paying bills on time
  • Pay existing loans and debts on time
  • Keeping balances low on credit cards
  • Having a variety of accounts open
  • Think ahead before applying for any new credit
  • Check your credit report for any false information
  • Don’t be nervous to reach out to your credit provider or a financial counsellor if you need help

 

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