Loan Saver Debt Consolidation Blog

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.

When you have credit defaults or some other form of loan or credit impairement there are still available options to refinance. Bad Credit Refinance and the general refinancing processes are very similar, with only a few detailed but significant differences.

1. The Story - There is alot of weight put on what caused the issues and if the issues are now past.  Would the Bad Credit Refinance rectify the issues if the loan was placed. For example, if the issues were caused through an illness the lender will want to see you are now well again. When you still involved in the issue it can be difficult to see how the issues unfolded.
2. LVR - the ratio of lend against the property value plays a large part in having the lender feel secure in providing funds for a Bad Credit Refinance.
3. Income - Each lender  views income in different ways. Some willa ccept short term employment, some will acceptunstable incomes. Choosing the right lender is important for a rapid Bad Credit Refinance.

Loan Saver Network will look at your individual circumstance to identify an appropriate course of action to effect a Bad Credit Refinance. See Bad Credit Mortgage for information on the types of Loans available, otherwise Apply for a Loan below.

If you need Help when Behind on Mortgage Payment you are not alone! Statistics show that even though we are behind on Mortgage Arrears rate compared to the United States, people behind on Mortgage has doubled in the past 3 years, with the greatest number of Arrears being in the NSW region. With those who have borrowed around 2003 boom being the most at risk.

The rise in Mortgage Arrears or being behind on your mortgage has increased with the lowering of Credit standards and policies, with higher LVR ratios and the ability to borrow more for your $$$ being a possible factor.

Contact Us if you are looking for Help when Behind on Mortgage Payment or Simply Apply for a Loan now.