Credit Impaired Clients
A growing number of people in Australia now fall outside the mainstream criteria for what constitutes a 'standard' mortgage borrower. Many people have less-than-perfect credit records, often through no fault of their own. Bankruptcy or divorce may have affected your finances for a while. Or a simple oversight such as missing a credit card payment may have left a blot on your credit record, which can lead to automatic rejection from a mainstream mortgage lender.
If you suspect that you may have a credit default or arrears registered against your name, we are able to check your credit rating before applying for a home loan.
Generally the Loan to Value ratio (LVR) on credit impaired home loans is lower than that available to regular borrowers with a good credit history. However, some lenders are prepared to lend up to 90% of the home value.
While credit impaired home loans are generally offered at a slightly higher interest rate and/or fee structure than the comparable “traditional loan”, borrowers can generally expect a fully featured loan with options including redraw, line of credit, variable and fixed rates etc.
