Bad Credit Home Refinance is our speciality. We've been doing it since 2003, and we know all the banks that offer it, which can be trusted implicitly, what sort of information they require, and what kind of answers you should avoid. We even know the best loan officers (who often say "yes"), and we've developed great relationships with them. And, of course, we've jumped through all the hoops of the various application processes more times than we could count. The part that would be hardest for you—choosing the right bank and applying—is the easiest for us. In reality, our real challenge can be getting all the necessary information from you! And that's very important. That's why we take all the time we need to learn precisely what's causing your credit problems before we start your application. It's different for everyone, so we start with the basics—your assets, liabilities, and income—then move on to your objective, the details of your previous applications, and the banks' responses. This allows us to help you resolve the problem causing your bad credit, choose the most appropriate lender and loan officer for your unique situation, and paint a clear (and pretty) picture of your financial standing in your refinance application.

While a high credit score might help you get a low interest rate with the banks, credit history issues or a lower credit score is something we specialise in as a non-bank. Non-bank lending options, like ours at Freedom Loans is how it may still be possible to apply for a home loan in Australia with a less-than-perfect credit score. We take a real life approach and look beyond just your credit score to see what we can do to help. We're here to help.

Banks like things to be easy. In fact, they need things to be easy. Their whole business is built on efficiency and repeatability.To ensure a consistent return for their shareholders, they need to minimise risk, getting every employee to do the same thing and follow the same rules.In other words, they enforce a cookie-cutter approach to finance across the bank. You don't fit with their ideal customer when you have a bad credit history—even if you've already resolved the problem. Your situation requires more thought, different paperwork, and much more of it, as well as a significantly better understanding of personal finance than their—usually relatively junior—loan officers possess. It may even require an entirely different legal and underwriting structure.

We offer finance up to 10% of the purchase price, meaning you can start to look at buying a house once you've saved at least 10% of the purchase price. So a new mortgage of $500,000 will require a $50,000 deposit. The deposit amount needed may also depend on your credit history, the property and area you’re looking at purchasing. Remember, you’ll also need funds to be able to cover any loan fees, stamp duty and other government charges. These cannot be added to your home loan balance.

Have you been rejected by a bank even though your finances are in good order? In 2017, regulation changes by the Banking Royal Commission made it much more challenging to get a loan—even for those with good credit scores. This rejection can be confusing for people who know their finances are in a healthy state. In fact, often, the problem is as simple as having too many inquiries on your credit file. Don't worry—there's hope! Australian banks may have become stricter, but refinancing is still possible, even if you've been declined multiple times. Let Freedom Loans help you solve all this.

Some of the big banks may turn applicants away if they have a less-than-perfect credit score. Alternative lenders, such as Freedom Loans, look beyond a credit score to understand a customer’s full financial situation before making a decision. This is achieved by taking a more holistic approach than traditional lenders - speaking with customers to understand how any credit problems occurred and considering each borrower’s individual needs and circumstances.If you’d like to learn more about our home loan options for bad credit, then speak with one of our friendly lending specialists on