Under the new NCCP (National Consumer Credit Protection) Legislation which effectively was introduced on July 1st, credit legislation has had an impact on obtaining a Bad Credit Mortgage and Bad Credit Home Loans considerably. Non Conforming and Bad Credit Lending is much more of a specialised area of lending than ever before. Most brokers who do not focus on Impaired clients as their primary form of business will have enormous issues in placing loans, aloong with the additional requirements of the NCCP may additionally prevent lenders accpeting applications from being submitted.
Who is the winner? Who is the Loser?
In the short term i cannot see any winners or losers, but in the long term the winner will definitely be the client sourcing a Bad Credit Mortgage, as the broker writing the bad cr3edit mortgage will need to be compliant with legislation, have the lender accreditation and training in non conforming lending.
If you have any questions about obtaining a bad credit mortgage, please contact Loan Saver Network on 1300 796 850.