What are home loans for the credit impaired?
Credit impaired home loans are available for people who have had a blemish on their credit file.
There are many reasons people need this type of product and the credit blemish could be a default for a mobile through to bankruptcy, credit impaired home loans have helped many people get back into the housing market or refinance and consolidate other debts so depending on what you need there is a product which will suit your requirements.
What type of credit blemish can I have and still obtain a credit impaired home loan?
A credit impaired home loan can cater for many circumstances in relation to a credit issue which you have on your file.
Below is a summary of the types of situations that this product can cater for:
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Discharged bankrupts |
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People with multiple defaults |
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People who have a part IX debt agreement |
There are a number of reasons people need credit impaired home loans and they can cater for a wide range and varying levels of credit impairment so why not contact us and chat to one of our consultants who specialise in these products to see how we can assist.
What are my home loan options when it comes to credit impaired home loans?
The number of options available for credit impaired home loans has grown to encompass different types of clients and their unique circumstances.
We have listed below what types of credit impaired home loans are available so we invite you to read through and see which type may suit you:
Full Doc Credit Impaired Home Loans
A full doc credit impaired home loan is the most common as it is simply where the applicant provides proof of income by way of pay slips, PAYG summaries or tax returns.
When it comes to a full doc product there is generally more flexibility from the home loan provider with regard maximum loan amount and LVR's as they can substantiate income and this is viewed as a lower risk as compared to lo doc product.
Lo Doc Credit Impaired Home Loans
Lo doc credit impaired home loans differ from full doc by way of not needing to provide income evidence.
What this means is that a lo doc home loan does not require the applicant to prove their income, instead you sign off an income declaration and the lending institution relies on this declaration to determine your ability to service the proposed debt.
Lo doc home loans are specifically designed for the self employed who may be unable to substantiate their income by traditional means such as tax returns or pay slips.
Credit Impaired Home Loans for Construction
Whether you require a full doc home loan or a lo doc home loan the option to construct is there for you.
Having some form of credit impairment does not mean you are limited to an outright purchase and this is where a product designed for the credit impaired for construction purposes can help you.
To find out more about credit impaired home loans for construction purposes simply contact us and speak with one of our consultants.
Which Credit Impaired Home Loan is right for me?
As you can see there are a variety of home loans for people with credit impairment and the right one will depend on a few factors.
Credit impaired home loan providers consider what type of credit impairment you have, whether it is a full doc or a lo doc home loan and so on.
Rest assured though that there is a home loan which will suit your needs and we have access to a variety of lending institution that caters for people with credit impairment.
What do I do next to get a credit impaired home loan that suits me?
An important part of obtaining a credit impaired home loan which suits you is to discuss it with one of our consultants.
They will take the time to listen and understand your unique position and then present you with the most suitable options.
Simply contact us and see how we can assist you with our range of products.
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