With home loan interest rates at historic lows and a housing market ripe for buyers due to attractive pricing, there is no better time to consider purchasing a new home in Australia. For most in the market to buy a home, getting qualified for a home loan is not a complicated process – there are numerous lenders that provide competitive rates and terms as well as a wide range of acceptable deposit amount. Unfortunately, for individuals who have run into credit issues in the far or recent past, getting a home loan can seem like an unrealistic dream. Some lenders, however, are helping these individuals obtain home loans with affordable rates and reasonable repayment terms.

Bad credit loans could be necessary for those who have had unpaid defaults or judgments in the last five years, or a mortgage or personal loan for which payments have been missed. Additionally, those who have filed bankruptcy in the recent past or have constantly applied loans without being approved could have a questionable credit history. Bad credit home loans are available from select lenders willing and able to put marked credit history in the past, where it belongs.

Bad Credit Home Loans

Lenders who provide bad credit home loans take into consideration a number of factors that allows them to provide mortgage options to individuals with impaired credit files. In order to make these options available, lenders will evaluate the applicant’s credit history with a keen eye, focusing on whether or not the defaults or judgments have been marked as paid, unpaid or settled. Lenders view older credit marks and those that have been paid in a better light than other, more recent impairments. In addition, bad credit lenders will also place weight on the borrower’s employment circumstance – borrowers who have a stable, long-standing job are more apt to get more attractive terms on a bad credit home loan than those who do not have consistent employment history. Finally, each bad credit home loan is based on the unique combinations of these factors for every individual. Instead of getting a mortgage that resembles every other homeowner, bad credit home loans are truly specific to the borrower with questionable credit.

If you think that your bad credit may take you out of the home buying market, think again. Bad credit home loans are offered to borrowers every day based on their personal merits and not their marked credit file. To take advantage of the current housing market and interest rate market, talk to a bad credit home loan lender today.