Bad credit doesn’t mean ‘No’ Loan
If you have bad credit, Savvy can help you get home loan approval
Sick of No? Savvy says Yes
If you’ve been rejected for a home loan – or fear rejection due to a poor credit history – you aren’t alone. Over 600,000 Australians carry a “high to extreme risk” of credit default, according to credit rating agency Veda.
The industry refers to bad credit home loans as non-conforming loans. They are sometimes called “sub-prime” loans, although not all bad credit home loans are sub-prime products.
To offset the risk lenders take, even if your bad credit past is behind you, you may have to come up with 20% deposit. This is also known as a 80% Loan-to-Value ratio. (LVR.) This is because lenders assess risk based on your credit report, which might take months or years to clear up.
Using our network of over 25 lenders, our consultants work hard to help you be approved for a home loan so you can get your finances back on track.
Just because you have bad credit doesn’t mean you miss out on the little things. You’ll get a dedicated home loan consultant that helps you with choosing a home loan that’s right for you and your situation. They work hard to get the fairest deal your credit history will allow. Over time, you may be eligible for refinancing at a lower, “prime” mortgage rate.Everyone deserves a second chance, and you get your shot at a dream home with Savvy.
We guide you through the process
Savvy understands that people with less than ideal credit need to provide more documentation and financial statements to achieve home loan approval. Savvy takes you through each step of finding an ideal bad credit home loan for you from start to finish. Lenders and banks look at your credit report to figure out if you’re a high risk. They make their decision largely based on what the report says. Savvy digs deeper. Using your documents and other information, we demonstrate to lenders and banks that you deserve a second chance. In fact, 9 out of 10 applications with Savvy gain approval. We also find our bad credit customers both variable or fixed loans with offset accounts, redraw facilities and other features.
The financial professionals at Savvy work hard to find the best and fairest loans for all our customers who’ve struggled with a poor financial history in the past. We believe everyone deserves a second chance. Unfortunately, you may have to contend with higher fees and interest rates due to the added on-paper risk that lenders and banks must take on.
Before you continue, you may have to come up with 20% deposit. This is also known as an 80% Loan-to-Value ratio. (LVR.) Other provisions may include you taking out Lender’s Mortgage Insurance. Confused? Don’t be – Savvy’s consultants explain everything to you in simple terms.