Bad Credit Mortgages Criteria

Qualifying criteria for a Bad Credit Mortgage does not vary significantly from the qualifying criteria for Good Credit Mortgages. The main point of difference is that a history of arrears, defaults or bankruptcy does not prevent you from qualifying for a home loan.

• The applicant should be able to demonstrate steady employment and disclose sufficient income to afford the loan repayments;
• The applicant needs to have sufficient deposit (in most cases a deposit of at least 20% is needed);
   

The security property provided for a bad credit home loan must meet the lender criteria. This criteria is the same as with all home loans – property must have a residential title, be located in an acceptable post code and not be too small (ie. Should be at least 50 sqm in size).

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