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Bad Credit

Have you been declined by the bank because of your credit history? Bad credit can be defined in 4 main categories:

1. Minor Credit Impairment

Credit impairment refers to any situation where there is a "concern" with your credit history. This could be:

  • Too many enquiries on your credit file in the last 12 months

  • Minor paid defaults of less than $1000 against a telco or utility provider

  • Poor loan repayment conduct

2. Defaults & Judgements

A default is an adverse listing found on a credit file. It indicates that a repayment more than 60 days overdue had failed to be met. 

A judgement is when a creditor has taken you to court because of money you owed and your defence was unsuccessful. 


Both judgements and defaults will stick around on your credit file for 5 years. Although a lot of creditors will tell you differently especially when chasing you for the repayment, paying out a default or judgment will not remove it from your credit file!

3. Bankruptcy & Part IX Agreements

Bankruptcy refers to a legal process which releases you from almost all your debt obligations. Although it may sound like a get out of jail card, it definitely comes with some serious consequences. We strongly recommend you do your research and get the right advice before walking down this path.

A Part IX (Debt Agreement) is an act of bankruptcy. The key difference though is you still need to pay back a reduced portion of your total debts. At first impressions choosing a bankruptcy over a Part IX may seem like the obvious choice but be very careful as the arrangements for both are very different. Again we strongly recommend you do your research and get the right advice before walking down this path.

4. Late Repayments

Late repayments, also called arrears, are any payments that were made past the due date. This can be for home loans, car loans, credit cards or personal loans.

Why Home Loan Depot?

Getting a home loan approved with bad credit can be a challenging task and in most cases you have already been declined by your bank and in most cases we need to look at alternative options with other specialist lenders. It's all about understanding your situation and how to present you application the right way to getting your loan approved!

At Home Loan Depot, we understand the requirements and work with many specialist lender to understand the ins and outs of their requirement. We pride ourselves on being able to get your bad credit home loan approved with a competitive interest rate based on your circumstances. We'll not only work with you on getting your loan approved and getting you back on track but formulate a plan to move your loan back to a major lender when the time is right. Talk to us today regarding your circumstances.






1300 967 120

 3/345-357 Illawarra Rd,

Marrickville NSW 2204


Thank you for contacting us. We endevour to get back to you within 2 business hours.

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