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Bad Credit Loans, Bad Credit Mortgages
What Are Your Options?

If you have Bad Credit, finding a good Australian non-conforming home-loan deal, can be a challenge. There is talk in the media of predatory lenders who are prepared to lend to anyone but charge accordingly. Naturally you need to be careful and do your homework before applying.

It is really quite simple, the rate you will be charged will depend on your available deposit or equity in the property and the significance of your defaults. Therefore before doing any research, please make sure that you have your credit report on hand.

Some lenders on our panel offer Bad Credit Mortgage rates below the current Bank Standard Variable rate – however you can not borrow more than 80% of the value of your property. Others will lend you 95%, however you will end up paying astronomical rates for the privilege.

There is no such thing as a free lunch. Therefore if you are currently not a home owner, have a history of bad credit and a number of unsecured debts, debt consolidation via a mortgage is highly unlikely. You must have remaining equity after you consolidate of 20% in order to qualify for a reasonable mortgage. If you have outstanding debts galore you first need to clear these before committing to a home loan.

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