There?s no doubt about it, getting a home loan can be tough if you have a bad credit history.
Banks and lenders will always look at your credit history and rating when deciding whether to approve your loan application.
However, Aussie?s Executive Chairman and founder John Symond said there are still things you can do to prove to a lender that you are reliable.
?You do have a problem, and what you do need to do to remedy that is to set about demonstrating very clearly that you?ve got a solid track record over the last 18 months. That will go a long way toward convincing a lender that you are worth the risk? says Symond
?Set out a project to demonstrate that you are a good credit risk. If you?re renting make sure you pay your rent by the due date. Make sure you pay your phone and energy bills on the same day too.?
?Create a history of timely payments and become disciplined with your savings as well. You are behind the black ball if you have a credit mark against your name, so it is all about demonstrating to a lender that you are worth the risk.?
If you have a bad credit history or have had problems with your credit rating and want the best chance of getting a home loan, it?s also a good idea to see an expert Aussie Broker. They will know all the details and conditions on how the different lenders will assess you and your loan application, and can show you which of them are best to apply to.
Your Aussie Broker will be on your side and will shop around our panel of lenders for you to find?the right loan from the right lender for your individual situation, saving you days of time and effort. They will be the one central point for your questions and support you through the whole process, even helping you fill in your loan application paperwork and any government grant applications.
Source: http://blog.aussie.com.au/loan-credit-history-2/
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