Declined due to Bad Credit?
We can help you!

  • Did an event in your life set you back? Moving homes, unsuccessful business venture, illness, family emergency or divorce?
  • Have the banks said “NO” to you because of bad credit?
  • Get your home loan approved today with bad credit!
  • Borrow up to 95% of the purchase price.

What are my options?

It all depends on how the lenders view the risk of your circumstances!

Minor Credit
Impairment
Defaults &
Judgements
Bankruptcy &
Part IX
Late
Repayments
What is minor credit impairment?

Credit impairment refers to any situation where there is a "concern" with your credit history. Minor credit impairment specifically refers to when:

  • Your credit file has more than 5 credit enquiries listed on it within the past 12 months. Any credit applications, both incomplete and complete, will generate new credit enquiries. Creditors can leave an enquiry even if you've just had a discussion and not proceeded with an application.
  • There is no more than one default on your credit file and it is less than $1,000. Its very common for telco and utility provides to default you after relocating homes. This is usually because the bill was sent to the wrong address.
  • Your credit file is currently clear but you have previously been bankrupt. Unfortunately like a bad tattoo, bankruptcy sticks around for life. The Bankruptcy Registry Search (BRS) keeps a permanent record of all bankruptcies.
  • You have a history of poor loan repayment conduct. This could be any late payments on current and previous debts, overdrawn accounts, dishonour fees or negative balances. One of the main reasons applications get declined is for late repayments that may have happened many years ago! Unfortunately banks don't forget!
What are my options?

Obtaining loan approval even with minor credit impairment can prove quite the challenge. Any hiccups along the way will leave you with a decline or an overly expensive product. However in the right hands you will still be able to:

  • Borrow up to 95% of the purchase price
  • Qualify for a no deposit loan with the help of a guarantor!
  • Be eligible for some of the most competitive rates in the market!
  • Get approved with one of the major banks as long as your case is presented in the right way!

Why use a Specialist Broker?

This is one area we see a lot of mortgage brokers tend to shy away from. With the smaller selection of lenders, higher interest rates and complicated lending guidelines, it can feel all too hard. There are only a few mortgage brokers who really understand how to present a bad credit application in the right way to get it approved at the most competitive rate with the right lender.

Our Mortgage Pros love bad credit home loans! We have worked with many specialist lenders and know the ins and outs of bad credit. We pride ourselves on being able to get your bad credit home loan approved with a competitive interest rate based on your circumstances. We also strategize and work closely with you to build a plan to move your loan back to a major bank when the time is right.

Get your FREE consultation OR 1300 030 388

What are defaults and Judgements?

A default is an adverse listing found on a credit file. It indicates that a repayment more than 60 days overdue had failed to be met.
A judgement is when a creditor has taken you to court because of money you owed and your defence was unsuccessful.
Both judgements and defaults will stick around on your credit file for 5 years. Although a lot of creditors will tell you differently especially when chasing you for the repayment, paying out a default or judgment will not remove it from your credit file!

What are my options?

To no surprise, defaults and in particularly judgments can throw a major spanner into the works when you want to go for a home loan. The amount and number of defaults and/or judgements will dictate what kind of borrowing will be possible.

Amount of Default
or Judgment
Number of Defaults
or Judgements
How much can
I borrow?
What type of interest
rate will I get?
$500195%Standard Interest Rates (with possibly of obtaining discounts)
$1000295%Standard Interest Rates (with possibly of obtaining discounts)
$2500180% with some major banks or 95% with a specialist lenderDepends upon how much you borrow:
80% = Standard Interest Rates (with the possibility of obtaining discounts)
95% = Specialist Lending Rates (between 1% to 4% higher than normal)
$1000 +2 +95%Specialist Lending Rates (between 1% to 4% higher than normal)

Why use a Specialist Broker?

This is one area we see a lot of mortgage brokers tend to shy away from. With the smaller selection of lenders, higher interest rates and almost reversed lending guidelines, it can feel all too hard. There are only a few mortgage brokers who really understand how to present a bad credit application in the right way to get it approved at the best rate with the right lender.

Our Mortgage Pros love bad credit home loans! We have worked with many specialist lenders and know the ins and outs of bad credit. We pride ourselves on being able to get your bad credit home loan approved with a competitive interest based on your circumstances. We also strategize and work closely with you to build a plan to move your loan back to a major bank when the time is right.

Get your FREE consultation OR 1300 030 388

What is a bankruptcy and part IX debt agreement?

Bankruptcy refers to a legal process which releases you from almost all your debt obligations. Although it may sound like a get out of jail card, it definitely comes with some serious consequences. We strongly recommend you do your research and get the right advice before walking down this path.

A Part IX (Debt Agreement) is an act of bankruptcy. The key difference though is you still need to pay back a reduced portion of your total debts. At first impressions choosing a bankruptcy over a Part IX may seem like the obvious choice but be very careful as the arrangements for both are very different. Again we strongly recommend you do your research and get the right advice before walking down this path.

What are my options?

Unfortunately during the bankruptcy & part IX period, borrowing money from a regulated institution is not possible. Only after you have been discharged from your bankruptcy or have paid out your part IX debt agreement, do a limited amount of borrowing options become available.

With the few that can help, you will most likely need to provide a bigger deposit and pay a higher interest rate. These lenders are very conservative when it comes to how much you may be able to borrow. They can also be very selective with the acceptability of the property you choose to purchase. This option should only be considered as a stepping stone. When your credit issues have been removed or your circumstances have improved we will always try to move your loan to a more competitive interest rate and lender.

1 Day Discharge Bankrupt: Your only options will be with a specialist lender. Rates will vary from anywhere between 1% to 4% higher depending on who you approach. You definitely don't want to be paying more than you should! If your loan is presented in the right way, you can also borrow up to 95% of the purchase price.

2 years Discharged Bankrupt: You'll have a few more choices now. If you're looking to borrow more than 80% of the property value, a specialist lender will be your only option. However if you are borrowing 80% of the property value, the possibility of going with a major bank becomes a potential option. If the loan is presented in the right way, you'll be able to get approved at the same rates as everyone else and in some cases we may even be able to get you reduced interest rates below what the banks usually advertise! This is also a highly recommended exit strategy we take advantage of when refinancing our customers stuck on higher rates that previously did not qualify.

Why use a Specialist Broker?

This is one area we see a lot of mortgage brokers tend to shy away from. With the smaller selection of lenders, higher interest rates and complicated lending guidelines, it can feel all too hard. There are only a few mortgage brokers who really understand how to present a bad credit application in the right way to get it approved at the best rate with the right lender.

Our Mortgage Pros love bad credit home loans! We have worked with many specialist lenders and know the ins and outs of bad credit. We pride ourselves on being able to get your bad credit home loan approved with a competitive interest rate based on your circumstances. We also strategize and work closely with you to build a plan to move your loan back to a major bank when the time is right.

Get your FREE consultation OR 1300 030 388

What are late repayments?

Late repayments, also called arrears, are any payments that were made past the due date. This can be for home loans, car loans, credit cards or personal loans.

What are my options?

Any late repayments on a home loan within the past 6 months, banks hate! If it's one late repayment which was paid back almost straight away we may be to argue a case. However unfortunately two or more will pose a much bigger problem. In most cases your only option left will be with a specialist lender. The rates will be higher and they will need you to have more equity in the property. However, in most cases though, this is a better option than selling your home and going back to renting. Please call us on 1300 030 388 to see how we can help!

Why use a Specialist Broker?

This is one area we see a lot of mortgage brokers tend to shy away from. With the smaller selection of lenders, higher interest rates and complicated lending guidelines, it can feel all too hard. There are only a few mortgage brokers who really understand how to present a bad credit application in the right way to get it approved at the best rate with the right lender.

Our Mortgage Pros love bad credit home loans! We have worked with many specialist lenders and know the ins and outs of bad credit. We pride ourselves on being able to get your bad credit home loan approved with a competitve interest based on your circumstances. We also strategize and work closely with you to build a plan to move your loan back to a major bank when the time is right.

Get your FREE consultation OR 1300 030 388

  •  We were looking to get our next investment property and wanted to get the best deal. We spoke with two of the very large mortgage brokers and were pre-approved. A friend recommended we also speak with Mortgage Pros so we met with the guys and lucky we did!.

    They managed to refinance our existing property and give us money to fund our next purchase. The process was so easy. They also managed to get us a discount below the banks advertised rate! I cannot recommend Mortgage Pros enough. Thank you team and we look forward to working with you again for our next property purchase.

    Bilal and Jowan
  •  My circumstances were a little out of the box! I actually work for a bank as a branch manager so I feel like the dentist that recommends tooth paste in the the television advertisements by writing this recommendation! I had been working with the bank for over 10 years, however had recently moved into a new role and was subject to a 3 month probation period.

    The bank I work with declined my application on this basis alone even though I had a 20% deposit! Frustrated with my circumstances I did some research and came across the Mortgage Pros website! A quick phone call and I was reassured that I would most likely be eligible with a major bank! The end result was a pre-approval within 2 business days at a much lower rate than my own bank and also lower than the recommended banks advertised rates ! These guys are certainly pros! Thank you

    Naj
  •  Just wanted to say a very big thank you to Mortgage Pros! They were able to get us the approval without the need for a deposit in 24 hours. With their help we were able to make it just in time for auction. They also got us a better rate than all our family and friends!

    Peter Ha and Ashley Xu
  •  Mortgage Pros are superstars. Westpac had declined my loan for my next investment venture to buy 5 units on one title. I called Mortgage Pros and from there it was just magic. Not only did they get me a quick approval but they also negotiated a further interest rate discount for my other 6 investment properties. Mortgage Pros saved me thousands!

    Philip Cao

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