Most Australian have no awareness that it is not possible to borrow more than 80% of the purchase price of the home you are looking to buy if you have some history of bad credit. On a daily basis dozens of applications are received by us from people looking for a No deposit home loan or a ‘better still’ 110% Home Loan.
Tirelessly our staff respond that if you have any history of bad credit 5% deposit will not do.
Unfortunately, given the current trend of real-estate prices, it is becoming next-to-impossible for people to put together a 20% deposit. If you are one of these people it may be an idea to seek help from your family and purchase something smaller as an investment first. Once your investment grows in value, you can sell, refund the family loan, and try to purchase something for yourself.
Some people are purchasing jointly with friends or family. It is easier to put together 20% when there are 2 or 3 of you.
The main thing is not to lose hope – there is a Bad Credit Home Loan out there for you – you may just need to look a little longer.