How to Get Easy Home Loans with Bad Credit

By Angela Monroe - September 10, 2018

Easy home loans with bad credit

Buying a home is a really exciting step. It’s also easy to feel overwhelmed, especially if you’re looking for a home loan with bad credit. We are here to help you tackle the home loan process with bad credit; we have years of experience and we can help you to find the right lender for whatever your situation is.

Whether it’s your first home or you’ve had properties before, getting a home loan with bad credit doesn’t have to be a difficult experience. We can help you get a bad credit home loan that suits you.

Applying for a home loan with bad credit—what’s the process?

Explain your situation to us; we need as much information as possible to help direct you to the best option. Always be as honest as possible and provide us with accurate and detailed information so we can help you.

It’s really important that you avoid making multiple home loan applications. This raises alarm bells with potential lenders so we’ll need you to trust us to do the work, and not make numerous online loan applications on your own.

Try to speak to a lender directly to explain your situation. We can help you find the lenders who are able to think outside the box instead of relying on a computer for the final decision. Again, speak honestly and accurately, giving them the details they require.

On a personal level, you’ll need to also budget and figure out exactly how much you can afford to pay back for your home loan with bad credit. You should avoid stretching yourself financially, so only commit to a monthly repayment that you know you won’t miss or default on—this could really affect your future credit rating and ability to borrow money again.

What do you need to provide?

There are various documents that you will need to provide when applying for your home loan with bad credit. These can vary slightly depending on the loan type and the individual lender, but you usually need to provide:

  • Bank statements
  • Proof of income
  • Proof of residency
  • Photo ID
  • Credit history
  • Rental history including references

If you have a deposit amount, you will also need to have arranged this in advance and let your lender know the exact amount and how this will be paid.

How long will a bad credit home loan take?

We always reiterate that circumstances vary between each person and each situation, so there’s no exact time frame for a home loan with bad credit.

Generally, you can expect the loan approval process to take approximately seven business days. This is pretty speedy – just a week to wait before you can go ahead with the property of your dreams!

Make your home dream a reality

Getting a home loan with bad credit really can happen. Despite the bad experiences you’ve had in the past, applying for a bad credit home loan is easy. We can help you find the best bad credit home loan for you.

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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