First Home Buyers with Bad Credit - Honey Loans

First Home Owners, First Home Buyers Australia, First Home Loans, First Home Owner Grant, Home Loans Sydney, Melbourne, Brisbane, Darwin, Adelaide, Hobart, Canberra - make your Aussie's Sweetest Choice!

Home > First Home Buyers

First Home Owner Grant

Which Home Loan?

Why Invest In Property

Investment Advantages

Capital Growth & Income

Negative Gearing

Positive Gearing

Property Market

Borrowing With bad Credit

Loans Blog
Glossary
Home Loans News

Privacy Policy
Disclaimer
About Honey Loans

Honey Loans' Accreditations

FBAA COSL

Twitter

First Home Buyers with Bad Credit.

Even a minor default on your credit history can affect your ability to borrow. While applicants with a bad credit history can and do qualify for the purchase of their first home, certain specific criteria applies.

Minimum Deposit

In most cases a deposit of at least 20% is essential. This is because applicants with any history of bad credit are seen as a ‘higher risk’ applicant by the lender. This deposit can be made up of the FHOG as well as funds borrowed from family, equity in other real-estate, inheritance etc.

Unpaid Defaults

If you have any unpaid defaults at the time of application, these must be fully paid out before settlement. No lender will accept applicants with Unpaid Defaults.

Bankruptcy & Part 9

If you are still in bankruptcy or in part 9 – these have to be fully paid out before settlement. No lender will offer a new loan to someone still undischarged from bankruptcy or Part 9.

Apply for a Bad Credit First Home Loan