Bad Credit / Default

Bad Credit / Default

What is a Default?

A Default is also referred to as an overdue debt. A consumer payment Default is one that is over $150 and is more than 60 days overdue. These will typically be listed by the credit provider after they have issued you with two separate written notices to your last known address requesting payment stating that the debt may be listed with a Credit Reporting Agency. A Default will typically remain on your Credit File for 5 years. Having any default on your credit file will typically get you declined with most lenders as they see this as a sign of your inability to pay your debts.

Can I still get a home loan with a Default?

Definitely! Specialist lenders have products available that can see you borrow up to 95% of the valuation for both purchases and refinances if you have Defaults on your Credit File. Some lenders will even consider allowing Unpaid Defaults to remain on your Credit File if you are in genuine dispute with the listing party.

Default Home Loan Summary

Max LVR (Purchases) 95%
Max LVR (Refinances) 95%
Max Loan Size $5,000,000 (up to 65% LVR)
Construction Yes
Vacant Land Yes
Non Genuine Savings Yes
Debt Consolidation Yes
Cash Out Yes

 

For more information   Click Here

Phone:1300 678 310

Email: info@thefinanceprofessionals.net.au

Address: 1 Elgin Place, Hawthorn VIC 3122

PO BOX 402, Richmond VIC 3121

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