Applying for a loan with bad credit is simple if you have the right team involved. If you’ve previously applied for a loan with bad credit through one of the big banks and found it to be an unsuccessful and tedious process, push that experience to the back of your mind, because better days are coming! Having a strong team and a clear direction of what you want are the first steps involved in submitting a successful application.
Standard Bad Credit or Unusual Loan Situations
For standard bad credit loans or unusual loan situations, it is always best to go through a private mortgage broker. That is because our goal as a private mortgage broker is to put your interests first. You’re no longer just a number and lost within the organisation but individually assessed keeping in mind your personal requirements and circumstances.
Leave Bad Credit Behind
If you’re self-employed, have discharged bankrupts or paid/unpaid defaults – leave these in the past and move forward to a better future. When you’re applying for a loan with bad credit, your entire circumstances are taken into account and reviewed. The benefit of working with a private mortgage broker is that you have an unbiased portfolio of contacts when it comes to lenders and banks. Therefore your success rate is much higher. Instead, when you go to just a single bank and apply, you only get a choice of their lenders and rates available.
To put this in perspective, it would be like choosing to go to a confectionary store with a choice of the best brands like Ferrero, Lindt and Haigh’s (this would be like choosing a private mortgage broker), or choosing to go to just the Reeces Pieces store (choosing a big bank) with only a limited selection of chocolate and sweets.
So why limit your choice? It’s that simple.
Make sure you have the highest chance of getting your loan with bad credit approved. Chat to our team of finance specialists today on 1300 088 065 or send us an enquiry here.
Hunter Galloway is based in Brisbane, however are able to provide home loans and finance solutions throughout Australia.