How To Get a Home Loan If You Have Bad Credit…

mortgage first home

Sometimes it feels like the banks just want to stomp on the little guy…

Tycoons declare a bankruptcy and fly away in their private jets without a scratch…

But when an ordinary, hard-working Aussie has a few problems… he gets a black mark to his name with every lender in the country.

And for years afterwards, securing a home loan is harder than finding ice-cream in the outback.

 

Rejection, rejection, rejection…

It’s just not fair…

Even worse, if you apply for lots of loans, it shows up on your credit score… and makes your chances of getting a mortgage even worse.

But you know what?

If you’ve have a bad credit record and you’re losing hope of getting a home loan, there are still steps you can take.

Simple, easy, proven steps that have worked for countless people in your situation.

In fact, since I became a mortgage broker, I’ve personally used many of them to help clients with poor credit…

 

Here are some of the most effective:

Step 1 –  Find A Lender Who Does Not Use Credit Scores

Most banks use a computer-based system of credit scores to automatically accept or reject your application.

This means your mortgage (and your future) is decided by lines of code instead of common sense.

However, there are financial institutions that don’t just treat you like a number.

Instead, you present your case to a real person.

They evaluate it and make the final decision.

So if you had problems in the past, but you can clearly demonstrate that you are back on track, they may give you the benefit of the doubt.

Of course, you may be wondering what if these banks say No…

Well, don’t worry because you can still…

Step 2 – Apply To A Specialist Home Loan Lender

In many cases mainstream lenders will completely turn their back on you…

They’ll declare you a ‘liability’ and a ‘high-risk’…

Thankfully, there are specialist lenders in the marketplace who are happy to take on risk.

These lenders will have often have higher interest rates… but remember, you don’t have to stay with them forever.

As soon as your credit rating improves, you can move on to another bank with lower rates.

A word of caution: Get specialist advice from a Mortgage Broker before signing any contract with these lenders.

Some of them are little more than legalised loan sharks.

Step 3 – Ask A Professional About Your Credit Report

A short time ago, a client asked me for help getting a mortgage. The bank had rejected him based on his credit report.

But when I checked up on his history, I discovered that the bank was WRONG. They screwed up.

His credit record was nowhere near as bad as they claimed…

I explained the situation to my contacts in other banks… and soon afterwards, this client was able to finance his property…

As you can see, these three steps can help you to get a home loan if you have bad credit. But sometimes, they may not be enough…

That’s why If you need advice about a mortgage or bad credit, you should click here to download a free report now.

 

Note: Information provided on this website is general in nature and does not constitute financial advice. You must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial planner to take into account your particular investment objectives, financial situation and individual needs.

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