Bad Credit Loans -  are also known as Non Conforming Loans

What is Non-Conforming? – An alternative for those who do not meet the lending criteria of traditional institutions for a variety of reasons, which may include any of the following:

Credit Problems

These applicants may not meet the lending criteria of traditional institutions for reasons including credit problems (CRAA Link), income issues or any of the following:

• Paid or unpaid defaults
• Paid or unpaid judgements
• Current or past loan arrears
• Writs of possession
• Recently discharged from bankruptcy
• DSS and pension incomes
• Second job, casual incomes
• Unacceptable deposit source
• Instability of employment

No Financials

These applicants may be a Self-employed or Investors, who may have difficulty in verifying income for any of the following reasons:

• Incomplete taxation details (no financials)
• Investor with high debt service ratios
• Business shows paper based losses
• Recent changes in business structure
• Paid or unpaid defaults/judgments
• Current or past loan arrears
• Recently discharged from bankruptcy
• Difficult to verify income

No Deposit

These applicants would have an unblemished credit history and a strong cash flow but are unable inject deposit for any of the following reasons:

• Divorced person who has lost assets in settlement but has strong cash flow
• Young qualified professional who has not yet had time to save deposit
• Investor wishing to gear up owner occupied property to fund investment purchase
• Applicants with high income over short term
• Consolidation of high rate loans and credit cards to reduce payments and rates
• Self employed wishing to keep profit in business

Other

Other includes applicants that have been declined by other finance institutions for a variety of reasons including for any of the following:

• Lenders Mortgage Insurance (LMI) guidelines are not met
• Available for start-up business
• Unusual deposit source
• Instability of residence
• Greater range of securities may be considered
• Larger number of debts to be consolidated
• Age of applicants
• Unusual income sources
• Inner city securities acceptable
• Instability or short term employment