Can you get a home loan with bad credit? Are you being rejected by the banks due to black marks on your credit file? Here's what you can do to get your home loan approved. 

 When you apply for a home loan, lenders will always check your credit file. Your credit report is basically a history of your financial activity. It's one of the main factors in determining whether the banks will even consider your home loan. 

 This is not good news if you have bad credit. But all is not lost. Non Conforming Loans can consider many situations that the banks won't. This is great news for people who have been through unfortunate events such as a divorce, loss of job, injury, business failure or more.

 So what is considered to be 'bad credit'? 

Well, it means things like missed repayments on your debts, previous bankruptcy or a Part IX agreement, adverse listings on your credit file such as defaults, judgements or court writs, unpaid bills or taxes, or just having too many enquiries on your credit file. 

 Non Conforming Loans have more flexible lending policies than the major banks and they will assess your application on its merits. Remember though, the interest rate will reflect the risk of your loan. Your interest rate will vary depending on the size of your deposit and the nature of your credit history. You will be able to borrow up to 95% of the purchase price in high population areas on a bad credit home loan.

Does this mean that you will be stuck with paying a high interest rate for the life of the loan? 

Not necessarily, our loans are a vehicle to get you into a home. Once your credit file becomes clear, you will be able to refinance to a more competitive rate. 

 If you’re unsure if you have bad credit check with your mortgage broker to run a credit report and get the right advice for your situation.

 A mortgage broker can also help you find a lender and product most suitable to your personal circumstances.

 if you have any questions about bad credit home loans - we’d be happy to help at www.NonConformingLoans.com.au