Home Loan for Bad Credit
Home Loans Made Possible, Even with Bad Credit
Life can present unanticipated challenges, ranging from unpaid bills to a complete loan default or even insolvency. At times, such circumstances are beyond our control. And these are completely fine. But even after you have regained control of your finances, a poor credit score might restrict your options whenever you need bad credit home loans in Australia immediately. But, we at Desire Loans, the leading mortgage broker in Campbelltown, Raby, make things possible, even if you are struggling with a bad credit score.
We help our clients go ahead regardless of their history. If you have bad credit, let us know so we can assist you with your home loan, even if you are a first-time buyer.
Bad Credit Home Loans in Australia - Guaranteed Approval
As a renowned mortgage broker, Desire Loans helps you get bad credit home loans in Australia in just a few steps.
We understand that everyone wants a place that they call home. It can be stressful when a few previous borrowing mistakes come back to haunt a borrower.
We specialise in locating the most affordable and beneficial bad credit home loans. Our determined team is ready to respond to any questions you may have relating to home loans. With us, you can expect the following:
- Assistance with bad credit home loans and no judgements
- Swift application processing for bad credit home loan
- Competitive rates despite bad credit
Should You Apply for Bad Credit Home Loans?
If your credit report is not good, but you still want to acquire a home, you have three options:
- Either wait until negative markings on your credit report lapse
- Take steps to increase your credit score
- Approach a mortgage broker in Campbelltown, Sydney, who can help with bad credit home loans
After five years, arrears and other adverse credit conduct will expire and disappear from your credit report. Lenders will view a loan application much more positively if arrears (unpaid bills) have been settled or resolved.
If you wish to wait until everything returns to normal, you won’t need to apply for bad credit home loans Melbourne. However, some lenders might be reluctant to process an application with bad credit history.
Why Get Bad Credit Home Loans?
Bad-credit loans are designed to help you rebuild your credit score while guaranteeing a brighter future. Here are some reasons why you may choose a bad-credit loan:
- You wish to invest in a desirable property without giving away a chance while your credit score improves.
- It facilitates building credit. Once you have established a history of on-time mortgage payments without arrears, you can refinance to a lower interest rate.
As a result of the higher lending risk, the interest rates on bad credit mortgages are higher than average. At Desire Loans, we acknowledge that a bad credit home loan is a temporary solution. We always structure bad-credit home loans intending to refinance bad credit home loans once the borrower’s credit history has improved. We can help you with the entire process.
Frequently Asked Questions
Also known as Non-conforming loans or Subprime loans, a bad credit home loan is a financial product meant for applicants who cannot secure approval from a lender due to their poor credit history.
Yes, this is possible with Desire Loans. As a mortgage broker in Campbelltown, we have a connection with plenty of specialist lenders open to financing a bad credit home loan. In contrast, most banks and other conventional lenders are unlikely to approve a home loan application from a borrower with bad credit.
Suppose you get approval for a bad credit home loan while making on-time payments for two or three years. In that case, you will be in an improved position to refinance your mortgage with a traditional lender to get one with a lower interest rate and reduced or no application fees.
Yes, first-time homebuyers don’t differ from other borrowers. First-time home buyers are also eligible for any grants, discounts, and stamp duty reductions for first-time homebuyers your state may accept.
In the majority of instances, a deposit is necessary, but not always. With as little as a 20% down payment, we can often secure mortgage approvals for individuals with poor credit. We will evaluate your financial standing and link you with the most suitable mortgage product and lender.