Bad Credit Home Loans Brisbane - Oyster Financial

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Bad Credit Home LoansBrisbane
For more info, Call Us 1300 740 485
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• Acquiring a home loan is a possibility today even
  for people with bad or blemished credit scores.
  Though a few lending institutions prefer to work
  only with people with established credit, there
  are several institutions willing to lend to
  people with bad credit.

For more info, Call Us 1300 740 485
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• The first question asked by the lender when
  approached for a home loan is about the credit
  score. A credit score of less than 620 often
  finds problems in acquiring a bad credit home
  loan. A loan might still be given, but the
  interest charged may be higher. The worse the
  credit, the higher the interest charged on the
  loan. Making a down payment reduces the monthly
  payments in interest. However, missing a payment
  or paying less than the due payments will lead to
  a serious balloon payment at the end of the term.

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• One way of getting a bad credit loan is to go in
  for a home equity loan. Lenders check three main
  areas before processing the loan - capacity
  (whether the borrower will be able to keep up the
  payments), credit (what is the borrower's credit
  score) and collateral (what is the value of the
  loan). An equity loan takes care of the third
  factor. The lender may hold rights to the deeds
  of the home property until the loan is paid off.
  This reduces the risk to the lender.

For more info, Call Us 1300 740 485
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• People having histories of bankruptcies or
  delinquencies behind them are considered in the
  bad credit category. There may also be people who
  are rendered financially incapable due to
  physical redundancy. People who have no visible
  sources of income, due to divorce or
  unemployment, are included as bad credit people.
  There is a special type of loan for bad credit
  home loans Brisbane, which is called a sub-prime
  loan. A sub-prime loan is given against the
  property itself as the collateral, more like an
  equity loan. They are given at interest rates
  higher than normal loans.

For more info, Call Us 1300 740 485
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• Today there are several lenders willing to lend
  to people with bad credit. The entire lending
  process is a question of perspective. It is
  dependent on the way the lender visualizes the
  capacity of the borrower. Hence, if a particular
  lender refuses the loan, one can shop around.
  This is applicable even if one wishes to hunt for
  lenders offering lower rates of interest. It is
  advisable to get at least three different quotes
  before deciding on a suitable lender.

For more info, go to http//www.oysterfinancial.c
om.au/loan_services/home-buyers