Credit Impaired Loans
Credit Impaired Loans
Some borrowers may not have a perfect credit history. Non-conforming home loans can help you improve your bad credit rating and get you back on track.
Whether if you filed for bankruptcy or just made bad financial decisions in the past, credit impaired loans gives you a chance to secure a loan despite your poor credit rating. You also might qualify for a non-conforming loan if you are starting a business or have just transferred jobs.
Like most loans, credit impaired loans also have fixed, variable and split loan features. Some of these loans even have features such as the offset, redraw and line of credit. However, these types of loans are regarded as risky by the lenders and they charge higher interest rates for it. They tend to be less flexible as far as refinancing is concerned.
Nevertheless, it is a good start for a borrower to save his bad credit reputation. And with its rates not as high as credit impaired loans in the past, repayments can be made easier. It could be the key to more disciplined financial dealings in the future.
