Missed payments, defaults, or other issues on your credit file can make getting a home loan more complicated, but they don't necessarily mean you can't get one.
The important thing is understanding what's on your credit file, why it's there, and how lenders may assess it.
Credit impairment can include things like:
Not all credit issues are treated the same way.
Something small from several years ago can be viewed very differently to a recent or ongoing repayment issue.
Lenders have different appetites when it comes to credit history.
Some have stricter requirements, while others may consider applications involving certain types of credit impairment.
They may look at what happened, when it happened, how much was involved and what your financial position looks like now.
Same credit file. Different lender. Potentially different result.
Before applying for a home loan, it can help to understand exactly what's showing on your credit report.
From there, you can get a clearer picture of how lenders may view your circumstances and what lending options may be available.
The Home Loan Nerds can help you understand the lending side in plain speak, without pretending the bumps aren't there.
We know a lot about home loans so you don't have to.
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