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Home Loans with Bad Credit: Alternative Options for Better Approval Chances

Kevin Gomer
23 Jun 2016

Ready to take the plunge and buy your first home, but worried about your credit rating when it comes to taking out a home loan? There are a number of avenues to explore when it comes to average or bad credit ratings, Nicheliving Home Loans can help you discover the best option for you. We understand that things happen that lead to bad credit – and don’t believe that should stop you from owning a home or taking out a loan.

Current Credit Rating

First, it’s important that you understand your credit rating and establish whether you have a good or bad rating. Your credit history is established using information regarding your past and present finances: if you have been late to pay bills or defaulted on them, have been late on payments, been declined one or more home loans, have applied for loans on a frequent basis and been declined, or have been declared bankrupt. If these situations have occurred on a frequent basis, or you have been declared bankrupt just once, then your credit rating will be low – and, in the eyes of lenders, bad for business.

Change Your History

However, there are a number of ways to fix up your credit rating and get approved for a home loan – no matter what your history looks like. The first step is to settle any outstanding debts and wipe your current slate clean: work with finance companies or government bodies that you owe money to and set up payment plans. The second is to ensure you don’t just start applying for every loan you think may be accepted – these will just end up as another bad mark on your file. Do your research and find a lender like Nicheliving Home loans who may be able to help you get approved for a loan, no matter what your history may be.

Being Honest with Your Finance

Bad credit home loans are a good option for those whose credit history is less than ideal. To get on your way to applying for a home loan, make sure you settle up old debts, have a budget in place, and be honest about where you stand financially. Make sure you have enough savings to come up with a deposit, and that your income is stable and regular to ensure you can prove your earnings and potential for ongoing payments to a lender.

Take The Next Step

Having a bad credit history isn’t the end of the world, and it won’t necessarily stop you from owning a home and taking out a home loan. Nicheliving Home Loans are loan experts and understand the ins and outs of credit history and loan potential. Their money experts can work with you to establish what can be done about your credit history and whether you are eligible for a loan, and their home loan experts can discuss loan options and avenues with you. Don’t give up on the chance to own your own home, and don’t let bad credit get you down! Get in touch with Nicheliving Home Loans today on 9483 0000 for a confidential chat and let’s get the ball rolling.