Bad Credit Home Loans and Investment Loans

Rejected by the Banks, poor credit history, can't get a loan...

A poor credit history occurs when an individual has not made credit or utility payments and the lender or supplier makes steps to have this listed on your credit report.

You can access your credit report from Veda Advantage. You can access this for free, however, if you are impatient it can be dispatched within one working day for a $36.95 fee.

 

Getting a Loan

A poor credit history severely impacts your chances of getting a loan. Minor credit defaults under a $1,000 may be over looked by some lenders but anything more requires a satisfactory explanation. All creditors must be paid before any lender will consider accepting a loan application.

Therefore, if you are unable to get a loan because of;

- poor credit history

- poor employment history

- previously bankrupt or Part 9 or 10 agreement

However, there is still hope in obtaining a loan.

 

Interest rates and fees are determined by the following... • Number of defaults held against your name • Number of months of mortgage arrears if you already have a mortgage • The greater the deposit the lower the interest rate

Advantages	Disadvantages
• Gives the borrower a chance to improve their credit rating by allowing the opportunity to service a new loan • Non judgemental lending rules	• Interest rates and fees are high • Require larger than normal deposit or equity

 

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Need Help?

To find out which lenders offer bad credit loans we recommend that you contact one of our mortgage professionals below. They can show you all the all the hidden costs and restrictions as well as show you the most reputable lenders to choose from.

 

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