1.Get yourself a free copy of your credit report. If you have been turned away from your bank for your credit history it is important to get a copy of your credit report. You can obtain a copy of your report for free from Veda Advantage. Peruse the report carefully. You are able to dispute the errors that you find on your credit report. To do so, you need to contact the credit provider who has placed the default on your report and provide the necessary evidence to have the default removed. It is best to wait in applying for a home loan until this is done. If however the report is correct, you now understand your situation and can decide what to do next.
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2.Repay your outstanding defaults first Do not try to look for a home-loan while you still have unpaid defaults to other lenders. You need to clear your defaults first. Even if you have a formal arrangement in place like a part 9 debt agreement, you will not qualify for a home loan until the part 9 is paid out.
3.Do your homework before choosing to apply. Every home loan application that you make leaves a mark on your credit report. Lenders do not like to approve loans to people who have excessive credit report activity. Therefore research without applying first and only once you know what you want, then make a single application to the lender of your choice.
4. Save a deposit. Unlike lenders in the US, in Australia you will not be able to borrow 100% of the purchase price if you do not have a squeaky clean credit history. It does not matter that your default was small and is now paid off. Defaults stay on your credit report for up to five years after being paid. While some lenders offer Bad Credit Home Loans with 5% or 10% deposit, we do not recommend that you avail yourself of these. The interest rate that you can be charged on these is today around 13%-15%. They also come with very hefty fees and early repayment penalties. In order to qualify for a good value bad credit mortgage, you need to have at least 20% deposit plus funds towards stamp duty on purchase and other purchasing costs. This is a substantial amount of money and you need to be very disciplined and responsible in order to save a deposit. However unless you can discipline yourself to do this, you will not be able to take on the obligation of Mortgage Repayments.
5.Clean your credit over several years and refinance to a traditional Mortgage. Given that Bad Credit Mortgages are usually a little more expensive than a traditional home loan, it is important to do all you can in order to refinance to a traditional home loan ASAP. Providing you maintain a clean credit history with your new mortgage, once your default fall off your credit report you can re-apply to any traditional lender for a Good Credit Mortgage. You need to be very diligent, paying all your bills as they fall due in order to avoid a repeat problem.
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