Lets Talk About Bad Credit Home Loans

Banks will usually view any credit issues as a problem that stops you getting a home loan; however Stuart Wills is the Kiwi Mortgage Man and can offer non-standard home loans which are specifically designed to help people that may need bad credit home loans.

Having bad credit does not mean you are a bad person, but it may mean you have gone through a bad spell in a relationship, a health issue, some traumatic experience, a problem with business or just plain old financial pressures.

We know from experience that there are times in our lives where it is easy to avoid or ignore our finances and especially when we don’t know what to do or how to cope.

Find Out About My Credit Rating

This is almost always the first thing to do when you are going to be applying for one of the bad credit loans and sometimes you can be pleasantly surprised too. When you apply for credit or a home loan the lender (or broker) will complete a credit check on you with a company like Veda.

Your credit report shows the lender information on your history such as how many times you have applied for credit, any payment defaults or debts sent for collection, any court judgements over debts and if you have ever been made bankrupt.

This report does not determine if you will be able to get a home loan, but we use it to determine if there is any credit issues that need to be addressed before your application for a home loan is submitted to a bank or non-bank lender, and in the knowledge that it may limit the options we have.

How To Deal With Bad Credit

Banks will usually view any credit issues or bad credit as a problem!

This does not necessarily mean they will not approve a home loan for you, but they deem you are a higher risk than someone without any past credit issues. They will therefore want to understand what happened to bring about the bad credit and also to know that this is not a pattern of behavior.

We know that no matter how hard we try to do our best, sometimes life just takes us by surprise. Business failure, sickness, separation, accidents, the unforeseen loss of a partner can all result in financial mishaps, impact your income and put extra pressure on you to meet bills, credit cards and mortgage repayments.

In our role as mortgage brokers we like to find out about any issues with a loan application and ensure that we explain them to any prospective lenders. We know how to deal with applications where there are issues, and how to get bad credit home loans approved.

Some Brokers Specialise In This Type Of Lending

Having a good mortgage broker is important when you need to source a mortgage, and this should be a high priority when you are looking for a non-standard loan like required if there are some credit issues. 

While you may have a finance broker near you, it may be prudent to use an experienced mortgage broker to source any specialist finance.

With non-standard lending there are limited options and lenders so it is important to give yourself the best chance with your loan application. Too often we hear of people that have been declined finance due to an inexperienced or lazy mortgage broker doing a sub-standard job with an application.

Contact the Kiwi Mortgage Man - Stuart Wills 

Stuart is experienced and knows how to get these non-standard loans approved and he can help you with a bad credit home loan application too.