Bad Credit Home Loans in Australia

So, you have a bad credit history and you want to buy a house. Fortunately, this is possible! Generally, main stream banking institutions do not provide bad credit home loans in Australia. The main reason is that they offer:

  • Lower interest rates
  • Lower Fees
  • Less paper work
  • Higher loans (thus less deposit)

than the bad credit home loan lenders. Simply put, banks and other large financial institutions do not take risks but do provide a better deal.

Will Bad Credit History Prevent Me from Obtaining a Home Loan?

Bad credit home loans in Australia are designed to accommodate people with the bad credit history. There are numerous lending institutions which specialise in bad credit home loan. There are also brokers who search for bad credit home loan lenders. Thus, the opportunity is available but you will need to:

  • Have a higher deposit
  • Prepare to pay a higher interest rate
  • Prepare to pay higher fees

Only Time Can Clean The Bad Credit History

Unfortunately, the credit reporting system does not easily remove the person from the bad credit registry. Even if the applicant restores the credits, the record is still not removed from the database. The credit history will stay on the records for number of years. Therefore, in this situation, the applicants may only settle with bad credit home loans.

However, not only financial institutions have access to the credit history. The actual person in question has the right to obtain his/hers own record. The largest credit reporting agency in Australia is Veda Advantage Information Services & Solutions Ltd with over 13 million reports. The enquiry should be directed there before considering the loan.

Bad Credit Home Loan Providers

There is a number of lending and brokerage institutions, which provide bad credit home loans in Australia. Most of them offer additional services like debt consolidation and home refinancing:

  • Choice Home Loans specialises in non conforming home loans. They put forward over 20 financial products to choose from.
  • Bad Credit Finance is an another Australian lender who caters for applicants with a bad credit history. They provide few but absolutely essential lending options: quick cash loans, new home loans, mortgage refinance and debt consolidation.
  • Web Deal Home Loans offers similar products as the Bad Credit Finance. However, the company claims to additionally lower their interest by up to 1% below bank's standard variable.
  • Xenium is a mortgage broker with experience in all types of loans. They provide lending advice with a good transparency for their clients

Loans For Bad Credit - Not Only For Homes

The so called poor credit loans are actually applicable to all types of finance. Those lenders who provide bad credit home loans in Australia will also offer:

All depends on the ability to provide a relevant loan security and a sufficient income. Thus, the interest rate, fees and charges will increase if you do not have one or all of the following:

  • Relevant income
  • Relevant loan security
  • Good credit history

You Cannot Be Discriminated Because of The Bad Credit History

Yes, that is right. The bad credit history is not the reason why you must accept any loan offer. Of course, the bad credit loans in Australia have a more stringent conditions. However, you are still their client and you can always change the broker. Also, do not immediately assume that banks will not accept you because of the bad credit record. Always, shop around for the best deal!


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Bad Credit Home Loan in Australia

Bad credit home loans in Australia, poor credit loans, bad credit car loans, bad credit personal loans, bad credit cash advances are designed to accommodate people with the bad credit history.