Bad Credit Home Loans Perth Western Australia
Australian Mortgage Research is a specialist mortgage broker for non conforming home loans. We understand that not everyone can satisfy the banks traditional lending criteria and this is why we are able to offer a selection of bad credit home loans. We often find that a bad credit history is just that, historical and that many people who think they’ll be unsuccessful with their mortgage application are in fact, eligible with the guidance of an expert bad credit home loan broker such as Australian Mortgage Research Perth, you will have a better than even chance of securing the right home loan or mortgage for your specific needs.
How Can We Provide Home Loans For People With A Bad Credit History?
Because we have access to a broad panel of Australian non bank home loan and mortgage providers that offer highly competitive bad credit home loan and bad credit mortgage finance facilities. Our specialist non bank lenders can provide you with a home loan or mortgage at interest rates that remain very competitive, even if you have a less than perfect credit profile.
What Would Qualify A Client Requiring a Bad Credit Mortgage?
Firstly, we don’t just facilitate mortgage loans for people with bad credit alone, as there are many other circumstances where our clients have been refused a mortgage by the banks…for example:
Often, self employed borrowers who want a home loan or mortgage finance but don’t have up to date financials (e.g. tax returns and income statements) often feel as though they have no options available to them.
More often than not, this is simply not the case. A client may well have a business that is growing and in real terms, they can actually afford a bank mortgage, however most banks only look at historic financial data such as balance sheets and income statements for the last two years and if unavailable, bad luck for the client.
Alternatively, specialist non conforming lenders take into consideration the current circumstances of people applying for a home loan and other documentation such as business bank statements, BAS statements or even an Accountants letter confirming income may be enough. In other words, a specialist Low Doc mortgage may well be the option for you. This is why we often get a YES where the Banks have said No.
Non Conforming Home Loans Are Suited To The Following Borrowers.
You may have court summonses, writs or judgements made against you (paid or unpaid). In either case we will endeavor to find the most appropriate mortgage loan for your individual circumstances, as well as providing you with the specialist help and advice needed help you get your home loan or low doc mortgage.
Even if you have current bank mortgage arrears, we can usually help you refinance your existing home loan as well as consolidating your other debts, allowing you to free up your finances and to live comfortably again.
We can assist discharged bankrupts with a one day minimum and our services also extend to non conforming mortgage finance for people in current (or paid out) part IX payment arrangements (Debt Agreements) We are also often able to provide bad credit home mortgage loan arrangements for people with tax debts or who have experienced past business insolvency/failures.
Australian Mortgage Research facilitates debt consolidation loans to payout your unsecured borrowings (i.e. personal loans and/or Credit Card debts).
What Exactly is a Bad Credit Home Loan?
A bad credit home loan is a mortgage for people that for whatever reason have been judged by the banks as a high credit risk because of previous or current payment defaults.
Bad credit home loans are suitable for you if you have an impaired or poor credit history. In other words specialist home loans are specifically constructed to accommodate the home loan requirements of people that have a credit history that is either not clear or shows signs of a poor credit rating.
There are a number of criteria that may be interpreted as a bad credit history such as, company administration, personal bankruptcy, court summonses and judgements, mortgage arrears, or credit card debts. Just one or two missed payments can trigger traditional bank mortgage applications to be declined, as banks lack the flexibility that non bank lenders credit policies provide.
Typical Misconceptions Regarding Non Conforming Home Loans.
Potential borrowers that have bad credit are not eligible for finance for a home loan or investment mortgage.
This is not true, the banks may well decline such borrowers, however specialist non conforming lenders will consider each application on an individual basis. This is where the expertise of a specialist mortgage broker is essential as these mortgages need a specialist brokers’ guidance throughout the pre application and submission process.
Generally people who require a bad credit home loan will need a larger deposit than people that have a clear credit history.
Not necessarily. In some cases this may be true, but once again, every borrower application is reviewed on its own individual merits.
In some circumstances, bad credit home loans can be obtained for clients that require up to 90% of the property value, however 80% is usually the desired benchmark to work to.
Bad Credit Listings, Defaults and Judgements, are they removed from my VEDA credit report after they have been paid?
All credit inquiries that are credit relevant for the past five years remain on your file along with any defaults and or judgements. It makes no difference whether or not these are paid, as they still remain on a person’s credit file for a period of five years from the date that they are lodged. In the case of bankruptcy such instances may remain on file for seven years.
Advice when applying for a non conforming mortgage or bad credit home loan.
Always be upfront with brokers and lenders. It is very easy to check your credit history and in this case honesty and transparency pay’s. If you are not certain of your credit history then it is also very simple for you to check your own credit history.
Always be upfront, it is easy to check your credit history and in this case honesty and transparency pay’s. If you are not certain of your credit history then it is also easy for you to check your own credit history. Follow this link to visit VEDA Advantage to review your credit history or ask us to obtain your report before applying for any loan. Clients are often surprised at credit report listings that they did not know were there.
A key advantage of knowing what is on your credit file, is that it allows us to identify specific lenders that will consider your mortgage application. It is of little value to apply for a home loan when you ‘suspect’ you may have some adverse credit entries on your Veda credit report. Forewarned is forearmed.
This way when you apply for a home loan we will know precisely how to address your credit history to the satisfaction of any proposed specialist lenders.
Knowing your own credit history and being upfront about it will help us to provide you with accurate non conforming home loan options prior to making any bad credit mortgage application on your behalf. It will also help us to tailor a home loan package around your individual circumstances and will allow us the scope to give your application the best chance of success.
When assessing credit impaired mortgages or bad credit home loans the following criteria is taken into consideration.
- The number of defaults on the credit report by age.
- The number of outstanding defaults, summonses, writs & judgements that have been paid in full or unpaid on your credit report.
- The types of defaults – issuer and amount; for example if the default is from a Telco or utility then these are often viewed as less of an issue than for example a default from a financial institution.
- The value of any default – often defaults (paid or unpaid) under $1,000 or registered >2 years before an application is made, are often ignored for the purposes of risk assessment.
- LVR or loan to value ratio. The higher the ratio (all other things being equal) the higher the risk to the lender. Increased credit risk then corresponds to the cost of a non conforming lenders’ interest rates, so it naturally follows that a lower LVR ratio will result in a lower interest rate offered by a non bank mortgage provider.
- Current employment length and stability of employment is another factor taken into consideration. Also, the source of borrower income is an important factor. Full time and long term employment on salary vs Casual short term employment may have an impact.
Reasons to choose Australian Mortgage Research for your non bank mortgage.
- We are specialist mortgage brokers located in Perth, that assist people who have a bad credit history to secure a non bank, non conforming home loan at competitive interest rates.
- We have a team of experienced mortgage advisers here in Perth with over 60 years combined experience in obtaining home loans and commercial property loans for people with bad credit.
- Our professional and knowledgeable experience has enabled us to place clients into both non conforming investment loans and home loans when other brokers have been unsuccessful.
- We deal with a broad range of bank and non bank lenders. We are not restricted to just a few options.
Contact Australian Mortgage Research Today for your no obligation free mortgage consultation. We will assess your individual needs and quickly provide you with mortgage options that are cost effective.
Our services would not be possible through the traditional lending institutions such as the banks, but remember at Australian Mortgage Research we like to say YES. If you are for any reason credit impaired, we will endeavour to place you with the right lender that suits your specific non conforming mortgage needs.
Australian Mortgage Research Perth Services.
Non Bank Lending Home Loans Are Suited To Clients With The Following Criteria:
- Bad Credit Home Loans In Perth City and Western Australia – For people with a bad credit rating due to defaults or judgments.
- Self Employed Low Doc Home Loans -For self employed customers that are unable to provide up to two years financials.
- Second chance – for people who have been rejected by the banks and lenders for any reason.
- Debt consolidation and Refinance home loans also known as – for people that are struggling financially and wish to free up some equity in their home to pay off personal loans and credit card debts.
- Mortgage packages may also be best suited to anyone over the age of 55 years and cannot clearly demonstrate a clear ‘exit strategy’ to retire their mortgage debt at retirement.
Your Credit Report – Free Of Charge?
Alternatively, we’d be delighted to obtain a single (personal) credit report on your behalf at no cost (subject to some conditions).
Should you find that your credit details are inaccurate or you need to get some more information about any credit enquiries, defaults, writs or summonses on your file, you can contact Veda Advantage or alternatively simply call Australian Mortgage Research on 1300 72 86 96 and we will help you understand any information that you may be unsure about.
If you would like to find out more about any other activities, such as credit applications or overdue accounts, then you will need to contact the credit provider direct. If you are unhappy with a response from any credit provider then you can contact Australian Mortgage Research as we can offer advice and support in such matters.
Australian Mortgage Research are Perth mortgage brokers and specialist home loan experts who offer a range of mortgage products and mortgage options for credit clear and credit impaired mortgage applicants.
We are specialist home loan mortgage brokers acting for people who may have bad credit or who aren’t able to provide up to date financials, if they are self employed. We have access to a broad range of non conforming home loan products with competitive interest rates.
If you are self employed and you’ve had limited success with other brokers or banks, perhaps it’s time to try us to secure your specialist self employed mortgage whether fully verified or low doc. We will match you with a selection of the most appropriate conforming lenders or non bank lenders with a range of mortgage options that meet your individual needs.
Australian Mortgage Research is also recognised as one of the most respected home loan brokers in Perth. We are accredited with most Australian specialist bad credit loans lenders and we specialise in this area.
If you are looking for Perth mortgage broker that has access to bad credit lenders for home loans, then you can be confident that Australian Mortgage Research will find the right home loan to fit your individual needs.
Australian Mortgage Research Pty Ltd (ACN 126 167 208) is a Corporate Credit Representative (No 473205) of BLSSA Pty Ltd (ACN 117 651 760) Australian Credit Licence No 391237.
Richard Hicks is a Credit Representative (No 442065) of BLSSA Pty Ltd (ACN 117 651 760) Australian Credit Licence No 391237
Greg Thomas is a Credit Representative (No 391237) of BLSSA Pty Ltd (ACN 117 651 760) Australian Credit Licence No 391237
Australian Mortgage Research Pty Ltd Level 1 / 21 Darlot Rd, Landsdale WA 6065 1300 72 86 96