Bad Credit Concerns No More! We Find Australians Home Loans
When you apply for a home loan, there are two main criteria that the lender will examine when deciding whether or not to approve your home loan application:
- Your earnings
This is the main element that the lender will be concerned with. It will want to know that your earnings are substantial enough to support and service the mortgage. The higher your income, the more likely you will be to be approved and the more you will be able to borrow.
- Your credit rating
The lender will also want to be sure that you are not the sort of borrower who is at risk of defaulting on the home loan. If the lender has bad credit concerns about you, as highlighted by a poor credit report, you will be declined.
If you are suffering from a bad credit history, we can help you find the home loan you need to make your dreams become reality.
When you work with us, you’ll find that our experience in this highly specialised market counts heavily in your favour.
We work with lenders who understand that bad credit ratings are not necessarily a sign of things to come. These lenders take a more human approach to the job of assessing mortgage applicants. Missed bill payments don’t mean a propensity to default on debt, but rather that your financial discipline used to be a little lax. If you can demonstrate that your recent bill paying routines have improved, you’ll improve your chances of mortgage approval. This is a calculated risk that the biggest lenders aren’t willing to take.
We’ll also examine your credit report with you and discuss if there are ways in which it can be improved. It may be that there are errant entries that shouldn’t be on the report. We’ll also suggest ways in which you can start to improve your rating.
If you have been made bankrupt, we work with lenders that may offer loans only a year or two after discharge, depending upon circumstances.
While the general rule is that bad credit borrowers will need to put down larger deposits and pay higher interest rates, we also have access to lenders who will accept smaller deposits.
The market place is also becoming increasingly competitive, and so interest rates are being reduced towards the rates available on standard mortgages. When searching for a home loan for you, we’ll not only take your individual circumstances into full consideration but we’ll also ensure that the conditions, fees, and interest rate charged are the best for you.
We’ll also look for lenders that will prequalify: this saves time and increases efficiency when you want to complete on your home purchase (and you’ll have a better negotiating position).
When you take all of these advantages of dealing with us as your mortgage specialist, you’ll directly benefit in the following ways:
- Your application will be lender ready
- You’ll be prepared to answer the mortgage lender’s concerns
- We’ll work with you to tailor a mortgage solution to your needs
- You’ll get a mortgage at the most competitive rate, saving you money
- We’ll do all the legwork, saving you time and anxiety
Whatever your credit rating and financial situation, get in touch today to develop a
SMSF Lending Strategy that will work for you, making your home buying dream a reality.
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