{"id":20927,"date":"2020-11-18T04:43:55","date_gmt":"2020-11-18T04:43:55","guid":{"rendered":"https:\/\/www.nswmc.com.au\/?p=20927"},"modified":"2021-01-28T06:32:19","modified_gmt":"2021-01-28T06:32:19","slug":"bad-credit-home-loans","status":"publish","type":"post","link":"https:\/\/www.nswmc.com.au\/bad-credit-home-loans\/","title":{"rendered":"A Guide to Bad Credit Home Loans"},"content":{"rendered":"\n
Buying a new home is an exciting adventure. Whether you plan to live in it, or rent it out as an investment, just getting your foot in the door of the property market is a huge achievement. Of course, it isn\u2019t an easy one and generally requires the help of a lender to help you reach it. But what if you have bad credit?<\/p>\n\n\n\n
One of the first things most lenders will check is your credit score, which means if you have a low score, it can dash your chances of being able to take out a mortgage. This doesn\u2019t mean you don\u2019t have options, thankfully there are solutions out there for those wanting to take out a bad credit home loan.<\/p>\n\n\n\n
Everyone has a credit score. This score is determined by the listings on your credit report. If you have a number of negative listings, then this will be reflected with a low credit score. On the other hand, if you have a good borrowing history, you will have a high credit score. Of course, we can\u2019t always control our credit score.<\/p>\n\n\n\n
Things happen that are beyond our control, leaving us in debt we can\u2019t pay off. For example, you could find yourself in an accident or with unexpected hospital bills after falling ill. The debt can add up and simply missing repayments is enough to result in a negative listing on your report. Some of the other factors that contribute include:<\/p>\n\n\n\n
While the best option is to work on improving your credit score and building it back up over time, we don\u2019t always have this luxury. Whether a house you love has suddenly come onto the market, or you are looking to find a place and move out as soon as possible, you may be in need of a bad credit<\/a> home loan.<\/p>\n\n\n\n