Home Loans for Ex Bankrupts At a time in your life for a whole variety of reasons, we may find ourselves overwhelmed by debt. When that happens bankruptcy can feel like a way out of a stressful position and can cause future financial issues. So what are the rules around getting a home loan after bankruptcy? Here’s what you need to know. What is Bankruptcy? Bankruptcy is a legal process that basically means declaring you can’t pay your debts. [...]
Debt Consolidation Loans for Bad Credit Debt Consolidation Loans for bad credit are a debt reduction strategy that allows you to combine multiple debts into a single payment. Having one account can be easier to manage and making only one repayment could help you lower your monthly repayments. One of the most common ways to consolidate debt is to take out a debt consolidation loan — a particular loan used to pay off multiple creditors. Although it may be [...]
Home Loans for Bad Credit Home Loans for Bad Credit are home loans that are specifically geared towards people with ‘ poor credit black marks ’ on their credit history such as paid or unpaid defaults, judgement's, arrears or discharged from bankruptcy. It's similar to a standard home loan in the sense that you'll generally need to save up for a deposit and similar documentation is required. However they may come with higher interest rates than loans offered by [...]
Refinancing your home loan to consolidate debt Here’s everything you need to know about refinancing your home loan to consolidate your debts into your home loan. How do you start your refinancing trip? Before making an application to refinance, consider your current financial situation along with your current level of monthly repayments to establish if there is a benefit in you consolidating this debt. In other words will you save on monthly out goings and repayments by consolidating this [...]
Private Lender Loans in Australia The majority of Australians apply for their home loan through a traditional bank or lender. However if your circumstances don’t fit the picture of a typical borrower that's when a private lender may be an option to consider. Let’s take a look at what a private lender is and the pros and cons in applying for one. What's a private lender? People generally turn to a private lender because they do not meet product [...]
What is a Non Conforming Home Loan? A non conforming home loan is a home loan offered to borrowers who don’t meet the standard lending criteria set by banks and other major lenders. as an example if you've got a poor credit record, a past history of bankruptcy, or difficulty proving your income because you’re self-employed. If that sounds familiar, you’re in no way alone. Specialist lender Non Conforming Loans has estimated one in five people will require a [...]
Getting a home loan after bankruptcy in Australia to 95% LVR Having a bad credit history such as being a discharged Bankrupt or Part 9 when applying for a home loan doesn't always disqualify you for a mortgage. What it does mean is that the borrower will require a Non-conforming lender which may incure higher interest rates and costs. When someone files for bankruptcy, he or she is identified as an 'undischarged bankrupt', which confirms they are still within [...]
The housing market in Australia is going through a difficult period. The combination of high mortgage rates and stricter lending standards have made the market almost unaccessible for first-time buyers. In addition, the lack of supply has made it even more challenging for would-be homebuyers to get into the real estate market. The prices of houses across most major cities in Australia have fallen over the last 6 months, and there are no signs that this trend will reverse anytime [...]
Is debt consolidation a good or bad idea? A debt consolidation loan involves rolling all of your current debts into one. this will be a useful strategy to scale back monthly fees and interest, but it should not be the most effective course of action in some cases. What is debt consolidation? Debt consolidation is the process of consolidating all of your existing debts (such as credit cards and private loans) into your home loan. When is debt consolidation [...]
Bad credit loans for homes to 95% LVR in Australia Life happens. Financial setbacks in the past shouldn’t necessarily preclude customers from seeking finance now. There are a number of non conforming lenders that welcome borrowers who have adverse credit events (any single event that caused an adverse credit bureau listing or listings), mortgage arrears or have been declared bankrupt. If circumstances for these customers have changed, they’re on the road to recovery and they have capacity to make [...]