Many banks and lenders have closed the door on customers with impaired credit. Credit impaired means that you have a default listed on your credit history.

Had credit problems in the past? Don’t fit the banks traditional criteria? Don’t despair. With today’s wide range of home loans and lenders, even people considered “credit impaired” can now apply for a home loan.

Credit impaired and non-conforming borrowers are regarded as higher risk and therefore most lenders charge a slightly higher interest rate and/or a higher fee structure than traditional home loans. Non-conforming home loans can also be less flexible (particularly when it comes to refinancing).

A bad credit home loan is a type of mortgage that is offered from a non-conforming or specialist lender that can consider all situations, in particular for those of you with black marks on your credit history. It is designed to help “outside of the box” applications from regular people who don’t meet the bank’s guidelines. You can check your credit history on http://www.veda.com.au/

Trusted Mortgage Broker has a great range of mortgage calculators to help with all those tough decisions that come with finding the right loan. Have a look at our calculators on our website to help you further.