How do I get a Bad Credit Home Loan?
If you are struggling to get a mortgage because of your credit history, don’t give up! There are still several options available to you.
CONSIDER BOTH BANKS AND NON-BANK LENDERS
When it comes to getting a mortgage, you can choose to apply with either a bank or a non-bank lender. If you don’t meet main banks’ lending standards, a non-bank solution may be the answer you’re looking for. In contrast, non-bank lenders are regulated by fewer government bodies, which gives them more flexibility regarding lending criteria and home loan products. Instead of rejecting your application as soon as they see your credit history, they’ll take the time to understand what happened and consider each application on its merits when assessing your situation.
Each lender has its own rules and eligibility criteria. The key is knowing which lenders will give you a second chance. At Max Mortgages, we work closely with all main banks and a broad selection of non-bank lenders specialising in lending to borrowers with credit issues. Our in-depth understanding of lenders’ criteria makes it easy to match you up with the most suitable lender that will potentially consider you for approval, lowering your risk of being declined and adversely affecting your credit report.
WORK WITH A MORTGAGE ADVISER LIKE MAX MORTGAGES
At Max Mortgages, we not only align you with the right lender but also ensure the best possible presentation of the deal. With years of experience, we know exactly how to emphasise the positive aspects of your application and demonstrate to lenders that you deserve a second chance!
What’s more, we can also provide expert advice on how to become a good financial citizen in the eyes of lenders. If you are overloaded with debts and can’t get a mortgage anywhere, our Personal Lending Team at Max Loans might be able to help. We can assist with a debt consolidation loan to pay off your high-interest debts so you can put the money you were using on repayments into savings and start afresh. After you’ve demonstrated good financial behaviour for a certain period, lenders may re-consider your position.