Bad credit home loans for single parents

By Angela Monroe - November 20, 2018

Bad credit home loans for single parents

If you’re a single parent, chances are you’re juggling more than few roles. Splitting yourself between raising children and maintaining a stable household can be tough – the very least you deserve is a home to call your own.

Many single parents worry about getting bad credit home loans. It’s true that single income bad credit home loans can be harder to get than standard home loans, but that doesn’t mean you should give up on your home owning dreams.

Asking for help is one of the best ways to make sure you navigate the world of bad credit home loans. At Loans for People with Bad Credit we have years of experience and can help to make the whole process easy and efficient.

Top tips for getting single income bad credit home loans

  • Think about a down payment: this isn’t possible for everyone but if you’re able to make a down payment on a bad credit home loan, you could find lenders offering better interest rates and loan terms. Many single parents simply won’t be able to provide the standard down payment of between 10-20% but look for loans that will accept smaller down payments if you think you can.
  • Find the right lender: it’s important that you direct your bad credit home loans applications to the right lenders. There are lots of reputable lenders out there who specialise in bad credit home loans and it’s worth finding out whether they are open to offering single income bad credit home loans to help you get your dream home.
  • Avoid high interest rates and fees: this could be easier said than done because often with bad credit home loans you’ll need to pay slightly higher interest rates and fees than with standard home loans. It’s really important though that you’re not taken advantage of and always ask for expert help if you’re unsure about the loan terms you’re being offered.

How to apply for single income bad credit home loans

Firstly it’s really important that you have all your finances in the best shape possible. Ask yourself the following questions:

  • Do I have any existing debts or bills that are unpaid?
  • Have I got evidence of a regular income and stable job?
  • Do I have proof of address and am I registered to vote?
  • Have I made multiple loan applications in recent months to other bad credit home loan companies?

Getting your finances in order can really help you when you come to apply for bad credit home loans. With a single income, many lenders will be cautious about lending to you as they’re concerned that the loan may not be paid back in full – in short, you pose a greater risk to the lender.

If you receive Centrelink payments, make sure you have all your documents ready and available for the lender to review if they ask. Delays in paperwork or not having the right documents can really slow down the bad credit home loan process.

Finding lenders for bad credit home loans for single parents

Asking for help from a bad credit specialist can help save you time and money. At Loans for People with Bad Credit we have years of experience working with people with bad credit and can quickly and easily tell you the best lenders for your personal circumstances.

Did you know that the providers below accept Centrelink payments when they assess your income with your application for a bad credit home loan?

  • Loans.com.au
  • Westpac
  • Bank SA
  • TicToc

It may take a little longer, and it may require more documents, but bad credit home loans for single parents are certainly possible. Call 1300 769 384 to speak to one of our specialists, and get on track today.

Angela Monroe
Angela Monroe is the Community Manager at The Positive Group, specialising in giving people the information that they need when they need it, and putting you on the path to a fair financial future. She has 8 years of experience in helping Australians find the right finance solutions, and regularly contributes articles to empower Australians with the knowledge they need to become financially healthy.

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