Bad Credit Mortgage Broker
Bad Credit Home Loans
There are a number of situations that can contribute to bad credit history and can make it difficult to borrow money. Bad credit can occur from something as simple as not paying a phone bill yet it can still effect your situation years later. These situations often stem from difficult events such as an injury, loss of employment or a relationship breakdown. The good news is that we have an excellent track record in finding suitable bad credit home loans. At Oak Tree Finances, our bad credit mortgage broker specialists can help lenders understand your unique situation and help you to get the home loan you need. Our team has extensive experience sourcing low credit score home loans for clients of all circumstances. If you’re finding it hard to navigate and secure home loans for bad credit, get in touch with one of our bad credit mortgage broker specialists today.
What are bad credit home loans?
Simply put, bad credit home loans or low credit score home loans are loans for people who have bad credit history or have been rejected for a loan by a bank. These types of home loans for bad credit are typically offered by non-bank lenders at a slightly higher interest rate, given that there is some risk involved.
Different Types of Home Loans for Bad Credit
How do I know if I have Bad Credit?
If you have applied for credit before, that is a home loan, personal loan, credit card or even a credit facility such a phone or electricity contract then you will have a credit file. Your personal details such as name, address, date of birth and drivers licence number will be used to identify yourself and every finance enquiry you make over the past 5 years will be recorded on your unique credit file. In addition, details of serious credit infringements and payment defaults for debts that are overdue by 60 days or more in the last 5 years will be recorded.
Anybody can get a copy of their creditfile. Refer to www.equifax.com.au for more information. With your written consent we can also access a copy on your behalf. This can be worthwhile if you have bad credit or think that you may have bad credit but you are not exactly sure. This can save a lot of time and can ensure that we guide you to the right lender the first time around.
How do we help borrowers with Bad Credit?
In some instances, we can find major lenders that will accept bad credit even though it is outside their normal guidelines. The key to this process is firstly that we understand your unique situation and exactly what happened. Our expertise in this area allows us to identify the best options for you either with a major lender or sometimes with bad credit mortgage lenders that may have more flexible guidelines.
Our expertise in this area allows us to identify the best options for you either with a major lender or sometimes with a specialist lender that may have more flexible guidelines.
Refinance home loan
Not happy with your current home loan agreement? A bad credit mortgage broker may be able to help you out. At Oak Tree Finance, we have access to a range of bad credit mortgage lenders who can offer tailored repayment solutions suitable to your circumstances. If you’re thinking about refinancing a home loan, it’s recommended you chat to a bad credit home loan specialist to see what offers are available.