Finance advice

Bad credit – what are your mortgage options?

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People with poor credit scores often think they can’t get a home loan. According to Veda (thanks to research by Savvy) 600,000 Australians are high or extreme credit risks. Though some people with extremely bad credit may have to wait until their history improves to apply, the majority of people with bad credit do have options when it comes to taking up a home loan.

Mortgage preparation: What you have to do as someone with bad credit

CEO of Savvy Finance, Bill Tsouvalas says brokers and lenders will generally try to help people with bad credit into a home loan, if they can afford it. “We wouldn’t dream of approving someone for a loan if they had little chance of paying it back,” he says. “However, to help your chances of gaining approval, it’s a good idea to save up at least 20% deposit for houses in your price range.”

Lenders will assess borrowers based on their credit reports and insist on an upfront deposit. This reduces their “skin in the game,” or exposure to default. Though you may have had a troubled financial past and have taken steps to remedy your situation, your history may not be clear of defaults for up to seven years.

What you must sacrifice as a bad credit customer

The reality for bad credit customers is that you will likely be paying more than average interest rates due to your perceived risk. You can try to reduce this perception by showing potential lenders bank statements and payslips to show you practice responsible personal finance and banking. You should also show your lender a budget and projections on how you intend to pay back the loan, to give them extra piece of mind. “Creating a budget and sticking to it is one of the surefire ways of demonstrating low risk to a lender or broker. It goes a long way when you are shopping around,” Tsouvalas says.

Bad credit mortgages still offer options

In many cases, bad credit mortgages still offer a range of options, including offset accounts to reduce interest payments, redraw facilities, lines of credit and choices of variable or fixed rates. “Don’t think you have to settle for less when you have bad credit,” Tsouvalas says. “There are many loan products out there that offer extras, though it does depend on your individual situation. In fact, banks and lenders are still eager for your business, despite the prevailing view of banks not wanting to deal with bad credit customers. That couldn’t be further from the truth!”

Bad credit isn’t forever

The upshot is your bad credit won’t follow you around forever. If you make repayments on time and in full – even some extra repayments – lenders will eventually place you in a “correctible credit” category. In as little as two or three years, you could refinance your home loan at a “prime” rate. “All it takes is time,” Tsouvalas says. “If you’re responsible with your repayments, you will be on track to repairing your credit history and financial standing.”

Tip: Check your credit history for mistakes

“There’s a perception out there that your credit history is unchangeable; however, that’s not true,” Tsouvalas says. “Utilities companies may slap you with a default if you don’t pay bills on time. If you take out gas, electricity or internet for a shared house under your name, a non-payment by a ‘horror housemate’ affects your credit history. You should check your credit history and clear up any irregularities and defaults in error. This can go a long way in improving your chances of gaining a much better home loan interest rate.”

 

 

 

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About the Blogger

Savvy

Savvy

Founded in 2010, Savvy had a singular vision: to bring Australians the best automotive and home finance and insurance solutions from all over the market using the latest in technology. Through determination and hard work, Savvy has gathered a team of experts and made valuable connections to financiers, banks and lenders all over Australia to provide the best finance and insurance deals in Australia. 
Savvy prides itself on giving customers the best financial advice and service in Australia. From no-obligation quotes to assisted online approvals, our financial professionals are friendly, knowledgeable and help you find all kinds of car and vehicle finance. Our people are dedicated to helping customers find the best deals from our extensive network of financiers and lenders.
http://www.savvy.com.au/

 

FROM THE WEB

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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