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Mortgages which cater for the credit impaired applicant are there to assist people who have had a blemish on their credit file, be it a telecommunications default through to being a discharged bankrupt or having a Part IX agreement.
There are a number of lending institutions who offer products for credit impaired applicants in Australia and they provide borrowers the opportunity to repair their credit history by allowing the borrower to demonstrate an ability to repay debt.
There are a number of tailored credit impaired mortgage solutions which may assist you in your goal to purchase a property, consolidate debts or refinance.
To find out more about your options just contact one of our consultants.
Full Doc Credit Impaired Mortgages
Credit impaired mortgages which are classified as full doc are available to applicants who can provide proof of income in the forms of pay slips, ATO notices and or PAYG summaries.
Typically full doc credit impaired mortgages attract a more competitive interest rate as the lending institution is able to site proof of income and can perform employment checks so there is less credit risk associated.
There are some lending institutions who are able to fund up to 90% of the purchase price of a home depending on the level of credit impairment and even some lenders who can capitalise the risk fee (mortgage insurance) up to 92% of the value of the property.
Why not contact us and have one of our consultants chat to you about the range of options available.
Low Doc Credit Impaired Mortgages
Credit impaired mortgages for low doc applicants have a very similar structure to that of full doc products.
The main difference is that low doc products do not require proof of income so therefore are ideal for the self employed who have a credit blemish on their file.
So if you thought that being self employed and having a blemish on your credit file would prevent you from obtaining a mortgage then think again.
Low doc products are designed for just this reason so if you want to find out more just contact us and a consultant will be happy to assist.
Credit Impaired Construction Mortgage
Even though you may have some form of credit impairment and you wish to construct a home there are some options available in the form of credit impaired construction mortgages.
There are similar guidelines as per full doc or low doc products although this mortgage is designed for construction purposes.
So if you thought you were unable to obtain finance because you want to construct a home then think again because we can find the right mortgage solution for your needs.
Simply contact us and one of our consultants will help.
What type of Credit Impaired Mortgage will suit me?
The number of credit impaired mortgages is quite broad and cover a variety of needs as there are full doc, low doc and construction options available to you.
Here are some questions that are commonly asked about which type of credit impaired mortgage is the most suitable?
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What type of credit impairment do you have? |
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Are you looking to refinance and consolidate debts? |
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Are you looking to purchase or construct? |
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What percentage of the purchase or construction price are you looking to borrow? |
These are some of the question to ask and as there are a variety of options on offer we invite you to contact us and have a chat to a consultant to find out more.
What's my next step in obtaining a credit impaired mortgage?
Because there are a number of options available and each persons credit situation is unique your next step should be to contact us and have a consultant understand your situation and then pursue the most suitable mortgage option available.
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