BAD CREDIT HOME LOANS
Still paying off your HECS debt? Or did your shoe addiction spiral out of control and result in a few late repayments on the credit card? Getting a first home loan is difficult enough without the major banks putting you through the wringer. Unfortunately, they’ll always look at your credit history and rating when deciding whether to approve your home loan application. Getting a grasp of your financial situation can be overwhelming at times. This is where we step in.
Do you have a Bad Credit Rating?
Often people who are looking to buy their first home can be deterred by their financial mishaps made in the past and the bad credit rating that followed. Some people may not even know that they have a bad credit file at all! While the big banks bad credit guidelines can at times be black and white, first home buyers should not be deterred from applying for a home loan.
The first step is understanding your credit file, which is a record of your credit history maintained by credit reporting agencies. Some listings on your credit file can make it more challenging to qualify for a home loan, these can include:
- Mortgage errors, i.e. missed payments on your home loan
- Bad credit history, i.e. defaults, bankruptcy, judgements, court writs or too many credit enquiries
- Lender credit history, i.e. your past credit history with the lender you’re applying for
- Unpaid bills or tax
- Company in financial trouble
- Over committed, i.e. if you have too many debts for your income
Here at SmoothStart, dealing with bad credit ratings and more challenging financial circumstances of first home buyers is all part of the day to day work of our network of experienced finance brokers. This means that they have the knowledge and experience to help you make the right financial decisions moving forward.
If you need help with a bad credit file, our network of experienced first home finance brokers can help. Tell us about your unique situation by submitting an online enquiry form below, or by giving us a call on 9202 9292.