








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.
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