Getting a Home Loan with Bad Credit in Australia: Call Adelaide Home Loans Today
Just because you have bad credit doesn’t mean you are a bad person. It doesn’t even necessarily mean that you are bad with money. You can do everything right and still end up with bad credit, whether because of unexpected medical expenses or identity theft. In most cases, though, no one is going to ask you why you have bad credit. What matters to everyone from credit card companies to mortgage lenders is that your credit makes you a risk.
Getting a home loan with bad credit in Australia is tough. Banks often aren’t willing to take a risk on someone whose credit shows they may default on a mortgage loan. As such, lenders (at least traditional ones) will often reject home loan applications from individuals whose credit falls below a certain threshold.
Bad Credit Home Loans in Australia: Do They Exist?
If you have been rejected for a mortgage loan because of your credit, you know how frustrating the experience can be. Even if your finances are in good shape now, the fact is that building credit back up again takes a lot longer than tearing it down. If you want a house right now—whether because you have a growing family or because you’d rather build equity than pay rent on a weekly or monthly basis—you might not want to wait for your credit to improve. The obvious question is, are there alternative options available to you?
At Adelaide Home Loans, we are the alternative option you need. Unlike banks or traditional lenders, we offer bad credit home loans in Adelaide. More formally, these loans are known as ‘non-conforming home loans.’ All banks have their own criteria for what type of credit history is acceptable. We do not conform to this criterion. We don’t think that a person should have to fit into a rigidly defined box to buy a home. We also don’t believe that credit history is proof of someone’s financial responsibility (or lack thereof). By definition, credit history is in the past. We’d rather focus on the present and the future.
With advice and guidance from qualified professionals—as well as low, manageable interest rates—there is no reason that someone with bad credit can’t handle a mortgage repayment structure. At Adelaide Home Loans, we build our bad credit home loans in Australia around these tenets. We sit down with each client to look at credit history and other factors of their finances and decide what the best path forward is. In some cases, a client really isn’t in the right spot to take on a mortgage loan, and we are honest in those situations. In other cases, the client just needs the right team to guide them along the way. We can play that role.
Find out If You Qualify for a Bad Credit Mortgage Loan
Getting a home loan with bad credit in Adelaide (or anywhere in Australia, for that matter) is no easy feat. With the right non-conforming lender by your side, though, it might just be possible. If you want to know whether you can qualify for a mortgage loan despite poor or limited credit, call Adelaide Home Loans on 1300 926 922.
