Bad credit rating is not what it used to be

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Monday, 02 October 2006

It seems not that long ago the only real option when borrowing was to get a loan through the bank manager at your local branch. But what if you had a bad credit history? Well then you were banished from the bank for the next 5 years, right? Well not quite but not far off either.

In recent years we have seen so much competition between lenders that now financiers are fighting for your business in the non-conforming and credit impaired markets. Companies such as Bluestone Mortgages, Liberty Financial, La Trobe and Pepper Home Loans are very keen and eager to offer lending solutions to those with a marked credit history.

Non-conforming lending is said to be the fastest growing niche market within the mortgage industry and competition is fierce between the non-conforming lenders. This means that if you have previously had a slip up and there is a mark on your credit history all is not lost. In fact these days it is quite the opposite. Some of the non-conforming lenders have been issuing interest rates that can almost rival the banks for their clear credit or prime loans.

If you have previously had a slip up with your credit rating and aren't aware what is available to you from a non-conforming lender maybe it is time to have a look around. With fierce competition and competitive interest rates maybe those home renovations or a new car aren't out of reach after all.

Interested? To find out your options with a non-conforming loan click here.