Can you consolidate debt with a bad credit score in Australia?

Having bad credit is likely to affect your approval for debt consolidation through Prime Lenders, but are available through Non Conforming Lenders. Your Credit Score is likely to have an impact on the interest rates, length of repayments, and sometimes the type of loan available.

To consolidate your debts with a major prime lender you must have made all of your repayments on time for the last three months for your unsecured debts and on time for the last six to twelve months for your current home loan. Banks quite often have a limit on the amount of debts they will consolidate.

Will I be eligible for a debt consolidation home loan?

We have both prime and non-conforming funders on our Panel that will look at unlimited debt consolidation to 90% LVR in high population Cities or major regional towns with lower LVR’s in lower population areas. Debt Consolidation Mortgages are available in both Full Doc and Low Doc for Self Employed with clean credit or credit impaired.

Consolidate debt with a bad credit score

Our non-conforming loans are a solution to be used as a stepping stone to getting you back on track to a prime loan. These mortgages can then be reviewed after 12 months and refinanced to a lower rate prime lender when either good conduct is evident or if credit impaired, these credit defaults have dropped off your credit report or in the case of self-employed 2 years of full financials are available.

The above gives you an overview of product perimeters however it is best to complete our Application Form or Phone Direct so you can discuss your situation with an expert at who will analyse your unique circumstances.