1. Bad Credit History
A poor credit history can impact your ability to secure a mortgage. Issues like missed payments, too many credit applications, bankruptcy, or no credit history can hurt your score. However, you can improve your chances by paying bills on time, fixing errors on your credit report, and avoiding multiple credit applications. Consulting a mortgage adviser specializing in bad credit loans can help explore other options.

2. Too Many Debts
Lenders assess your debt-to-income (DTI) ratio to ensure you can afford a loan. A high DTI could lead to a declined application. Managing debt through consolidation can help improve your DTI. A mortgage broker can guide you on lenders’ specific requirements and help you find the best options.

3. Low Deposit
Low deposit lending is limited by LVR restrictions, with banks only able to offer a small percentage of loans at high LVR. If you have a low deposit, working with a mortgage adviser can help you find a suitable lender. Alternatively, saving a larger deposit or securing personal loans may improve your chances.

4. Insufficient Income
If your income is too low, consider increasing it by renting out rooms or living at home while purchasing an investment property. You can buy your own home later once your income and equity have grown, or simply reduce the loan amount you wish to borrow.

5. Property Not Acceptable to Lender
Lenders may decline applications based on property type or condition. Properties in flood zones, with construction issues, or not compliant with regulations may be rejected. It’s important to consult with a mortgage adviser before purchasing to ensure the property meets lender criteria.

Finax Mortgages: Your Solution to Non-Bank Lending
At Finax Mortgages, we specialize in non-bank home loans, second mortgages, and business lending solutions that traditional banks often can’t offer. Whether you’re self-employed, a business owner, or struggling to prove your income, we provide alternatives to help you secure financing.

Our second-tier lenders in Australia offer unique solutions for those needing loans for ATO arrears, additional capital, saving a mortgagee sale, or a bad credit home loan. We’ve helped clients with poor credit histories, high debt, or who simply don’t meet bank lending criteria.

For businesses, we offer short-term loans and unsecured lines of credit for working capital. You can apply for secured and unsecured business finance online, with approvals often within 24 hours.

If your bank home loan application has been declined, we can help you explore non-bank lending options. We work with lenders who are more flexible and willing to give you a second chance. Whether you need a loan for a property investment, building a home, or consolidating debts, we’re here to help you navigate the process and secure the financing you need. Let us assist you in getting back on track with your financial goals.