Bad Credit History Loans

Drexel recognises the difficulty that many aspiring home-owners experience when entering the market, and are offering loan products that allow borrowers to purchase a property without the 10% deposit normally required, lending 100% of the property value.

 

In order to qualify for a no deposit loan, borrowers must be able to prove their ability to meet the costs associated with the purchase of the property. These include stamp duty, government registration fees, and conveyancing/legal costs.

 

These loans require borrowers to show a solid savings history. Borrowers may have to demonstrate a greater ability to service the loan as well as a higher degree of stability and continuity of employment.

Drexel is able to assist businesses in raising working capital or capital expenditures. Long term debt financing is typically associated with larger assets such as buildings, equipment, land, and large machinery. Short term debt financing is mostly associated with operations of the business such as inventory purchasing, payroll, and supplies. With debt financing, your business does not have to give up future profits or ownership in the company as is the case with equity financing.

At Drexel we treat all our customers as equally important. We are able to help all applicants including: self-employed, no financials, bad credit history, defaults, arrears and bankruptcies.

 

Bad credit for most people means that you cannot get the credit card, bank loan, or personal loan you want because of your credit rating. While unsecured loans are not readily available to those with a bad credit history, Drexel are able to offer a number of secured loan options. A secured loan is easier to obtain based on the availability of collateral (house or car) against which the loan can be secured.

The availability of bad credit mortgages offer more flexibility today, with most applicants able to qualify for a mortgage provided they have a sufficient deposit and can show a steady source of income.

With creditors demanding payment, bankruptcy can often be seen as the only option available; however at Drexel we believe this should be avoided at all costs. Once bankrupt it is difficult and expensive to undo if you change your mind. Our debt relief experts are able to source and help you implement finance options including:

For those who have a small or no deposit, Limited Guarantor loans can help by allowing established family members to guarantee all or part of your loan using their own accumulated equity.

 

Drexel will also permit your guarantor to provide assistance with loan repayments, boosting your borrowing capacity.

 

Borrowers may also overcome no deposit by borrowing 100% of the purchase price using security form another property to reduce the overall loan to value ratio.

Mortgage stress is generally defined as having to pay more than 30% of after-tax income on housing loan repayments.

 

Based on data from the 2001 Census, more than one in ten Australian homebuyers are experiencing mortgage stress. Recent interest rate rises and property price increases have contributed to this growing social and economic issue. Overcoming mortgage stress can be as easy as re-negotiating your mortgage terms. It is important to address the situation before you get behind on your payments. Drexel will work with you to:

When a borrower defaults or is in arrears on their home loan it means they have missed a due payment. When a payment is missed default fees or penalty interest may occur until the payment is made. We suggest borrowers immediately catch up their payments or refinance as quickly as possible to reduce further costs.

 

Falling behind in mortgage payments can happen for a number of reasons and the last thing a lender wants to see is for you to lose your home due to foreclosure. We can help you with home loan arrears by way of a refinance plan. There are a number of options Drexel can help you implement to save your home that may even result in lower rates than are currently being paid.

Quick Enquiry Name:* Phone:* Email:* Enquiry: