Don't let past credit issues stop you from getting a loan. We work with specialist lenders who approve credit-impaired borrowers every day.
Check Your Options →✓ No credit check to apply ✓ Free assessment ✓ Defaults okay ✓ Bankruptcy considered
In Australia, you're considered to have bad credit if you have negative marks on your credit file from past financial difficulties.
Telco defaults, utility bills, credit card defaults under $5,000
Late loan repayments, missed credit card payments, arrears
Bankruptcy discharged 1+ years ago, Part 9 or Part 10 debt agreements
Credit score below 600 (Equifax, Experian, Illion)
Paid or unpaid judgments, writs, summons
Too many loan applications in short period (credit seeking behavior)
Different loan types have different approval criteria. Here's what's realistic for your situation:
Minor credit issues (1-2 small defaults under $1,000, paid off)
Multiple defaults, discharged bankruptcy, significant credit issues
Severe credit issues, undischarged bankruptcy, recent defaults
These lenders specialize in helping credit-impaired borrowers and consider your full story, not just your credit score.
Minor defaults, self-employed, discharged bankruptcy 2+ years
Rates from 7.2%1-2 paid defaults, low credit score, irregular income
Rates from 7.5%Multiple defaults, bankruptcy discharged 1+ year, judgments
Rates from 8.9%Near-prime, improving credit, recent arrears cleared
Rates from 7.8%Get your free credit report from Equifax, Experian, or Illion. Know what lenders will see.
Pro tip: Dispute any incorrect defaults or errors. This can add 50-100 points to your score instantly.
If you have defaults under $500, pay them off now. Many lenders ignore paid defaults under $1,000.
Best move: Get a "letter of clearance" from the creditor after paying. Lenders love seeing this.
The more deposit you have, the lower the lender's risk. With bad credit, aim for 20%+ deposit minimum.
Lenders look for evidence you've turned things around:
Brokers who specialize in bad credit know:
Bad credit loans cost more. Where prime borrowers pay 6%, you might pay 8-12%. This compensates lenders for higher risk. The good news: refinance to better rates once you rebuild your credit (12-24 months).
Most bad credit lenders require 20-30% deposit minimum. The worse your credit, the more deposit needed. Consider: if you only have 10% deposit, focus on rebuilding credit for 6-12 months while saving more.
You won't have access to all 32 lenders. Realistically, 5-10 specialist lenders will consider your application. But that's okay - you only need ONE lender to say yes.
Once approved and you make on-time repayments for 12-24 months:
Get matched with specialist lenders who approve bad credit every day. Our assessment won't hurt your credit score.
Check Your Approval Odds →✓ No credit check ✓ Free consultation ✓ Expert advice ✓ Multiple lender options
Yes. Many specialist lenders accept borrowers with paid defaults. Small defaults (under $1,000) are often overlooked if paid. Larger or unpaid defaults require specialist non-conforming lenders, but approval is still possible with sufficient deposit (20%+).
Specialist lenders consider applications 1-2 years after discharge. Mainstream banks typically want 5-7 years. The longer it's been since discharge and the better your financial behavior since, the more lenders will consider you. Expect to need 25-30% deposit and pay higher rates initially.
Mainstream lenders want 650+ (good) to 750+ (excellent). Specialist lenders accept 500-650 (fair/average). Below 500 you'll need private/hard money lenders. The good news: credit scores can improve quickly with good behavior - 100+ points in 6-12 months is realistic.
Our initial assessment doesn't check your credit (soft inquiry). When you formally apply with a lender, they do a hard inquiry which can drop your score by 5-10 points temporarily. That's why it's critical to apply with the RIGHT lender first time - use a broker to avoid multiple rejections which look worse.
Depends on urgency and your specific situation. If you need a home NOW (expiring lease, growing family, found perfect property), apply with specialists. If you can wait 6-12 months, focus on: paying off small defaults, saving bigger deposit, building clean banking history. Then apply with better terms. We can advise your specific case - free consultation.