Bad Credit Loans, Bad Credit Mortgages - FAQ

 
 

• I have some history of bad credit. Can I still get a home loan?
• Can Bad Credit Finance help me if the bank said no?
• Can I still get a loan if I don’t have any payslips or tax returns?
• How can I find out my credit rating?
• Can I Restore My Credit by paying all my outstanding debts?
• What is debt consolidation?

 

 

I have some history of bad credit. Can I still get a home loan?
Your bad credit history will not prevent you from obtaining a home loan. However you will find that you will need to have a sizeable deposit. We deal with a number of lenders who will lend to people with defaults in their credit history and even to ex-bankrupts.

Can Bad Credit Finance help me if the bank said no?
We are specialists in helping people that don't fit into the traditional lending square. We understand that life does have its ups and downs and work through lenders that will cater for virtually all types of client.

 

Can I still get a loan if I don’t have any payslips or tax returns?
We specialise in low documentation home loans. With these loans you self-certify your income rather than needing to provide full financials such as tax returns, group certificates or pay-slips.

 

How can I find out my credit rating?
You are entitled to get a copy of your credit report. The largest credit reporting agency in Australia is Veda Advantage Information Services & Solutions Ltd with over 13 million reports.

 

Can I Restore My Credit by paying all my outstanding debts?
You would think that this would be true. However, the credit reporting system does not work that way. In Australia we have a system that only records negative events, so there is no good credit to balance any small negatives. When you pay an old debt, the negative credit listing doesn't disappear. It stays on your report for a number of years and is visible to all your prospective lenders.

 

What is debt consolidation?
Debt Consolidation is the process of combining your unsecured debts into one affordable regular repayment.

 

 

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