Credit Impaired Home Loans
What are home loans for the credit impaired?
Home loans which are defined as credit impaired home loans are available for people who have had a blemish on their credit file.
There are many reasons people need credit impaired home loans 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 deepening on what you need there is a credit impaired home loan 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 a credit impaired home loan can assist you:
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Credit impaired home loans can assist discharged bankrupts |
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Credit impaired home loans can assist those with multiple defaults |
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Credit impaired home loans can help those under 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 home loan consultants who specialise in credit impaired home loans to see how we can assist.
What are my home loan options when it comes to credit impaired home loans?
The number of home loan 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 credit impaired home loan suits you:
Full Doc Credit Impaired Home Loans
A full doc credit impaired home loan is the most common as it is simply a home loan which requires the applicants to provide proof of income by way of payslips, PAYG summaries or tax returns.
When it comes to full doc credit impaired home loans 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 credit impaired home loans.
Lo Doc Credit Impaired Home Loans
Home loans which are defined as lo doc credit impaired home loans differ from full doc credit impaired home loans by way of income evidence.
What this means is that a lo doc credit impaired home loan does not require the applicant to prove their income, instead you sign off an income declaration and the home loan provider relies on this declaration to determine your ability to service the proposed credit impaired home loan.
Lo doc credit impaired 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 payslips.
Credit Impaired Home Loans for Construction
Whether you require a full doc credit impaired home loan or a lo doc credit impaired 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 credit impaired home loan for construction purposes can help you.
To find out more about credit impaired home loans for construction purposes simply contact us and speak with a credit impaired home loan specialist.
Which Credit Impaired Home Loan is right for me?
As you can see there are a variety of credit impaired home loans available 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 credit impaired home loan or a lo doc credit impaired home loan and so on.
Rest assured though that there is a credit impaired home loan which will suit your needs and we have access to a variety of credit impaired home loan providers.
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 credit impaired home loan specialists.
They will take the time to listen and understand your unique position and then present you with the most suitable credit impaired home loan options.
Just contact us and see how we can assist you with our range of credit impaired home loans.
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