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Home Loans for people with Bad Credit History. What is a Bad Credit Mortgage?
A bad credit mortgage is a product that has been specially designed to help people with credit problems buy a property, or refinance to pay off other debts. The bad credit mortgage market has grown over recent years, in line with the increase in people who have a bad credit history. It is estimated that one in five people in Australia will be declined a standard mortgage because of their bad credit.
The main mortgage lenders, together with new specialist companies, have designed products that are targeted at this market, which means that people looking for a mortgage of this type have plenty of choice.
What's the difference between a bad credit mortgage and a standard mortgage?
In essence, a bad credit mortgage is very similar to a standard mortgage. A lender will loan you an agreed amount of capital, which you pay back to them with an agreed rate of interest added. You can usually choose from products where the interest rate is fixed, or where it can vary in line with inflation, this is a variable home loan product. The main difference is that the interest rates may be slightly higher than normal.
When you choose a bad credit mortgage, you need to be sure that you can meet the required terms; if you can show that you are making regular payments as agreed with the lender, in most cases you can refinance into a normal mortgage within 12-24 months.
How do I find out which bad credit mortgage is right for me?
Even people who work with standard mortgages can get confused by the different products available in the bad credit mortgage industry. Each bad credit mortgage lenders offers different products and has different qualifying criteria and very different interest rates! Although the bad credit mortgage market is much smaller than the main mortgage market, it can still be quite complicated.
That's why it is a good idea to seek some expert advice. A bad credit mortgage broker will have a comprehensive knowledge of all the products on the market and will be able to look at your circumstances to see which products might suit you best. Not only do they have the expertise to find the right products, they can also help you to complete the application forms and sort out any difficulties that you may encounter.
How do I know if I need a bad credit home loan?
You will need to look at your credit history. If you have extensive credit card debts, have been declared bankrupt, had a Court Judgement (CJ) against you or have had a mortgage application declined in the past, you should ask about a bad credit mortgage. If you have access to your credit report our experienced bad credit mortgage experts can advise as to the best bad credit home loan option available for you.
What do I do now?
Fill out our quick quote form or send us an email outlining what you wish to do. One of our friendly consultants will get back to you very quickly with all the options available to you. Don't waste time searching all over the net, simply contact us and let us do the rest. Our service is obligation free.
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