This loan is designed to assist those borrowers with bad credit or a poor credit history to purchase a home.
How Much Can I borrow on a purchase if credit Impaired?
Generally the maximum lvr is 80% of Property Value however we do have some specialist funders that will go to 95% depending on defaults on a purchase.
Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending.
The matrix below gives you an overview of product perimeters however it is best to phone or apply online so we can analyse your unique circumstance.
|Applicant type||Individuals, Companies, Trusts.|
|Employment requirements||P.A.Y.G. is O.K. Self-employed must be Fully Verified|
|Income: required proofs||Payslips, group certificates or employer letter. Self-employed, two years tax returns and assessment notices.|
|Loan amounts||$50,000 > $1,500,000|
|Purpose||Owner-Occupied, or Investment for purchase.|
|Security type||Most metropolitan and major regional centres (post code specific – please ring or email to check).
Acceptable Security includes:
Zoning of a Residential nature that permits residential usage House or Unit. (max lvr 95% on purchases).
Rural Residential (max LVR of 80%) – Max size 25 acres (must be near major regional town).
Residences with up to 2 dwellings on the one Title (eg: Duplex).
Apartments more than 50 sq m in size (excluding balconies).
|LVR||Maximum LVR on credit impaired loans is 95% of property value.|
|Credit related issues||Credit Issues to 95% LVR.
Paid or unpaid defaults and judgements accepted.
Where the reason is Impaired Credit a detailed account of how and when the impairments occurred; as well as an explanation on how and why the event is no longer an ongoing concern with little likelihood of re-occurrence.
|Variable, fixed or both||Both|
|P&I, I/O, or both||Both|
|Residency Status||Citizens and permanent residents|
|Comments, special conditions||Generally a Risk Fee is Payable instead of mortgage insurance|
|Approximate rate||Final LVR & Interest rate are dependant on security location (Restricted to Capital Cities and Major Regional areas.|